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, the statement said.
"This translates into a total percentage of 9.9999992 per cent -- just under 10 per cent," KKR said.
On the NSE, shares of CG Power and Industrial Solutions Monday touched its upper circuit to end at Rs 14.95 apiece, up 4.91 per cent over the previous close.
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.
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