The board of Gautam Thapar-promoted CG Power and Industrial Solutions Ltd on Tuesday said it was considering selling non-core assets and exploring various fund-raising avenues to deleverage the company and optimize its operations, the company said in a filing to stock exchanges.
CG Power’s stock crashed 20%, the maximum permissible daily limit for the stock, on 20 August, after its board disclosed “suspect” transactions that led to significant understatement of the company’s liabilities and advances to related and unrelated parties. CG Power’s stock has crashed 80% since January to ₹9.05 apiece on Tuesday.
The company is now controlled by several lenders, who had invoked the pledged shareholding of promoters earlier this year. As on 30 June, Thapar’s Avantha Group held a negligible stake in the company, while private sector lender Yes Bank had a 12.79% stake.
