Tube Investments of India (TIL) has acquired a controlling stake in CG Power and Industrial Solutions and now holds 50.62 percent of the company's paid-up share capital. CG Power has received Rs 587.50 crore from the TIL. As per the proposal, CG Power has allotted 64.25 crore equity shares of Rs 2 each at a price of Rs 8.56 (including premium) per share, for an aggregate sum of Rs 550 crore, and 17.52 crore warrants amounting to Rs 37.50 crore.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
