{"id":385659,"date":"2020-11-23T11:12:50","date_gmt":"2020-11-23T05:42:50","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=385659"},"modified":"2020-11-23T11:56:50","modified_gmt":"2020-11-23T06:26:50","slug":"cg-power-lenders-agree-for-loan-restructuring-pave-way-for-murugappa-takeover-2","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/cg-power-lenders-agree-for-loan-restructuring-pave-way-for-murugappa-takeover-2\/","title":{"rendered":"CG Power lenders agree for loan restructuring, pave way for Murugappa takeover"},"content":{"rendered":"<p>NEW DELHI: Lenders to CG Power and Industrial Solutions have agreed to a one-time loan restructuring to pave way for the Chennai-based Murugappa Group taking over the scam-hit equipment maker. CG Power had total debt of Rs 2,161 crore, out of which a consortium of 14 banks have taken a haircut of Rs 1,100 crore and restructured the remaining.<\/p>\n<p>In separate but almost identical stock exchange filings, CG Power and Murugappa Group firm Tube Investments of India Ltd NSE 2.67 % (TIIL), said lenders have accepted one-time settlement and restructuring of debt.<\/p>\n<p>In August, TIIL had agreed to invest Rs 700 crore in CG Power for a 56.61 per cent stake.<\/p>\n<p>This, it said, was subject to &#8220;satisfactory fulfilment of conditions precedents contained in Securities Subscription Agreement (SSA).&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: Lenders to CG Power and Industrial Solutions have agreed to a one-time loan restructuring to pave way for the Chennai-based Murugappa Group taking over the scam-hit equipment maker. CG Power had total debt of Rs 2,161 crore, out of which a consortium of 14 banks have taken a haircut of Rs 1,100 crore and restructured the remaining. In separate but almost identical stock exchange filings, CG Power and Murugappa Group firm Tube Investments of India Ltd NSE 2.67 % (TIIL), said lenders have accepted one-time settlement and restructuring of debt. In August, TIIL had agreed to invest Rs [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,239,136],"tags":[],"class_list":["post-385659","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/385659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=385659"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/385659\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=385659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=385659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=385659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}