Tube Investments gets board nod to infuse another Rs 100 cr in CG Power

The Murugappa Group’s Tube Investments of India Limited (TII) has got an approval from its Board of Directors to infuse an additional investment of about Rs 100 crore in CG Power and Industrial Solutions. The proposed investment is in addition to Rs 700 crore approved for investment in the equity shares and share warrants of CG Power. The Murugappa Group firm says its operational, financial and governance capabilities and experience will help remove the present difficulties faced by CG Power and create value for both companies.

TII today informed BSE that Board of Directors of the Company at the meeting held today approved an additional investment in 68,728,522 equity shares of CG Power and Industrial Solutions Limited (CG Power) to be issued to TII at Rs 14.55 per equity share on a preferential issue basis.