CG Power & Industrial Solutions is currently trading at Rs. 86.00, up by 1.20 points or 1.42% from its previous closing of Rs. 84.80 on the BSE.
The scrip opened at Rs. 84.05 and has touched a high and low of Rs. 87.10 and Rs. 84.00 respectively. So far 144994 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 97.30 on 26-May-2017 and a 52 week low of Rs. 55.60 on 26-Dec-2016.
Last one week high and low of the scrip stood at Rs. 87.10 and Rs. 80.75 respectively. The current market cap of the company is Rs. 5399.42 crore.
The promoters holding in the company stood at 34.42%, while institutions and non-institutions held 51.68% and 13.90% respectively.
CG Power & Industrial Solutions has accepted a binding offer of WEG S.A for acquisition of the company’s power business in USA comprised in the company’s step down overseas subsidiary, CG Power USA Inc. (PSUS), at an enterprise value of $37 million. In this regard, CG Power Systems Belgium N.V., the company’s step down overseas subsidiary has executed a stock purchase agreement (SPA) on June 20, 2017 with WEG Electric Corp for sale of its 100% stake in PSUS, comprising exclusively of the company’s power business at closing.
The SPA is expected to close by July 31, 2017 upon which CG Power USA Inc. will cease to be an overseas subsidiary of the company. The deal is part of the company’s stated strategy of debt reduction and on focusing on its core operations and core market in India.
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