At 09:52 am, the stock was frozen at its upper circuit limit on the BSE. A total of 2,28,048 shares changed hands on the BSE and NSE till that time. In comparison, the benchmark S&P BSE Sensex was ruling at 36,999.71 levels, down 124 points or 0.33 per cent.
In a statement, the private equity major said its two entities have exercised their rights in respect of credit facilities extended to Avantha Holdings Ltd and its subsidiary Salient Financial Solutions Ltd and through the enforcement of pledges created by Avantha Holdings. Subsequently, KKR India Financial Services and KKR India Debt Opportunities Fund II have respectively acquired 50,736,588 and 11,938,021 equity shares of CG Power
through a transaction on the stock exchange, PTI reported.
CG Power, a leading player in the electrical equipment and engineering sector, is facing corporate governance issues in the wake of a financial fraud allegedly perpetrated by its promoter came to light.
In March, CG Power said creditors invoked 6.76 crore pledged equity shares, constituting 10.8 per cent of the company's share capital, held by Gautam Thapar-led Avantha Holdings.
The same month, Yes Bank acquired 8 crore shares or 12.8 per cent stake in CG Power on invocation of pledged shares of its promoter.
CG Power's board had removed Thapar as Chairman in August.