CG Power and Industrial Solutions Limited announced its decision to raise funds through the issuance of equity shares and/or other eligible securities, subject to the approval of shareholders and regulatory bodies. The Board of Directors, during their meeting held on October 21, 2024, approved the proposal for fundraising of up to ₹3,500 crores via Qualified Institutional Placement (QIP).
The company plans to issue equity shares with a face value of ₹2 each, and/or other eligible securities in one or more tranches. This fundraising initiative is in line with the provisions of the Securities and Exchange Board of India (SEBI) Regulations, 2018, which allows listed companies to raise capital through equity or debt instruments. The funds raised will help CG Power expand its business and pursue growth opportunities.
The meeting of the Board of Directors began at 10:30 a.m. IST and concluded at 2:15 p.m. IST.
The company emphasized that the final execution will be subject to necessary regulatory and statutory approvals, including the nod from shareholders.
