MUMBAI : More than 32% of the institutional shareholders of CG Power and Industrial Solutions Ltd voted against the adoption of the FY19 audited financial statement of the company, amid an ongoing forensic audit ordered by the Securities and Exchange Board of India (Sebi), the findings of which are yet to be disclosed.
The shareholding of CG Power is evenly split between institutional shareholders (with 305.98 million shares) and non-institutional public shareholders (320.07 million shares). According to details of the voting pattern filed with stock exchanges, of the institutional shareholders, 32.03% voted against the resolution to adopt the accounts. However, the resolution passed with 69.96% of all categories of shareholders approving the accounts.
Institutional investors in CG Power, include HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, IDFC Sterling Value Fund, and Franklin Templeton Mutual Fund, as well as alternative investment funds such as KKR India, corporate investors such as Bharti Holdings, and foreign portfolio investors such as Vanguard Total International and Dimensional Emerging Markets Value Fund.
