CG Power to sell non-core assets, raise fresh equity

Mumbai: The board of Gautam Thapar-promoted CG Power and Industrial Solutions Ltd is considering selling non-core assets and exploring various fundraising avenues to deleverage the company and optimize its operations, the company said in a filing to stock exchanges on Tuesday.

CG Power’s stock crashed 20%, the maximum permissible daily limit for the stock, on 20 August after its board disclosed that it has found “suspect” transactions that have 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.