Murugappa Group takes over CG Power, appoints directors
NEW DELHI: Chennai-based Murugappa Group on Thursday took over scam-hit CG Power and Industrial Solutions NSE 4.97 %, infusing Rs 700 crore into the company and appointing directors on its board.
CG Power in a stock exchange filing said the company board at its meeting on Thursday issued 64.25 crore shares of Rs 2 at a price of Rs 8.56 (including premium) per share aggregating to Rs 550 crore to Tube Investments of India Ltd (TII).
