CG Power may raise funds through equity route, sell non-core assets
A week after it first reported an employee-led fraud, CG Power is now looking to put its house in order.
The revival plan includes an equity-based fund raising, seeking lender support and sale of non-core assets.
The new plan has been put in place after the company’s disclosure last week which said its liabilities, advances and net worth are under-stated. “Key initiatives will include considering other fund-raising avenues, including a potential equity raising for bridging the cash flow gaps as well as working capital requirement to avoid any business disruption,” CG Power said in an analysts’ presentation.
