Tube Investments to pump in additional Rs 100 crore into CG Power for takeover
Further sweetening the deal, the board of directors of Tube Investments of India (TII) has approved an additional investment of up to Rs 100 crore into the troubled CG Power and Industrial Solutions, as part of the process to acquire a controlling stake in the company.
The proposed investment is in addition to Rs 700 crore for the equity shares and share warrants of CG Power, approved by TII’s board of directors on August 7, said a disclosure to the stock exchanges by the Chennai-based Murugappa Group company.
