Fraud-hit CG Power and Industrial Solutions has sought shareholders’ nod to borrow up to ₹ 5,000 crore to meet working capital, and other business needs as it looks to spring back from the worst crisis in its history.
CG Power has called an annual general meeting of shareholders on December 14 where the resolution for borrowing will be put to the vote.
In a notice to shareholders, the firm said its current borrowing as of March 31, 2019 is ₹2,455.39 crore (fund based including short term loans) and ₹1,380.00 crore (non-fund based).
“Keeping in view the existing borrowing and additional fund requirements and given the current financial condition of the company,
