{"id":386489,"date":"2020-11-27T11:09:45","date_gmt":"2020-11-27T05:39:45","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=386489"},"modified":"2020-11-27T11:09:45","modified_gmt":"2020-11-27T05:39:45","slug":"tube-investments-acquires-cg-power-to-raise-rs-350-cr-from-azim-premji-trust-sbi-mutul-fund","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/tube-investments-acquires-cg-power-to-raise-rs-350-cr-from-azim-premji-trust-sbi-mutul-fund\/","title":{"rendered":"Tube Investments acquires CG Power; to raise Rs 350 cr from Azim Premji Trust, SBI Mutul Fund"},"content":{"rendered":"<p>Tube Investments of India (TII) announced on Thursday that it has completed the acquisition of a controlling interest of 50.62% in CG Power and Industrial Solutions. In a stock exchange disclosure, the Rs 38,000 crore Murugappa Group company said CG Power has become a subsidiary of the company effective November 26 and its board of directors has been reconstituted.<\/p>\n<p>As per the share subscription agreement of August 7, 2020, CG Power has allotted 64.25 crore equity shares of the face value of Rs 2 at a price of Rs 8.56 to TII for an aggregate consideration of Rs 550 crore. Besides, around 17.52 crore warrants, each carrying a right exercisable by the company to subscribe to one equity share per warrant within 18 months, were allotted to TII for a subscription amount of Rs 37.50 crore, being 25% of the aggregate consideration payable for subscribing to equity shares upon exercise of the warrants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tube Investments of India (TII) announced on Thursday that it has completed the acquisition of a controlling interest of 50.62% in CG Power and Industrial Solutions. In a stock exchange disclosure, the Rs 38,000 crore Murugappa Group company said CG Power has become a subsidiary of the company effective November 26 and its board of directors has been reconstituted. As per the share subscription agreement of August 7, 2020, CG Power has allotted 64.25 crore equity shares of the face value of Rs 2 at a price of Rs 8.56 to TII for an aggregate consideration of Rs 550 crore. [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-386489","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/386489","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\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=386489"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/386489\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=386489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=386489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=386489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}