TII seeks approval for investing Rs 1,760 crore in securities of CG Power and its arms
Tube Investments of India (TII), the over Rs 38,000-crore Murugappa Group company, is seeking shareholders’ approval for a total amount of Rs 1,760 crore to be used for giving loans, investing in securities or giving guarantee to the borrowings of CG Power and Industrial Solutions, the company TII is in the process of acquiring and as well as investing in its subsidiaries.
The TII board at its meeting held on November 4, 2020, had approved the issue of corporate guarantees in favour of the proposed lenders of CG Power of up to Rs 1,400 crore and this forms part of the aggregate amount of Rs 1,760 crore proposed for shareholders’ approval, said a notice for EGM slated for November 30.
