MUMBAI: Private sector lender Yes Bank on Tuesday said it has acquired eight crore shares in electric equipment maker CG Power and Industrial Solutions which were pledged to it by a borrower. The acquired shares represent 12.79% ownership in the company and will be valued at ₹292.56 crore as per the Tuesday's close. Proceeds from the sale of shares will be utilised to reduce the loans secured by such shares, it added. CG Power had a turnover of ₹6,287 crore in fiscal year 2017-18. A report by domestic brokerage Kotak Institutional Equities had Tuesday said that 100% of the promoter shareholding in CG Power was pledged as of March 31.

Source: Mint May 07, 2019 12:45 UTC