CG Power was locked in the upper circuit after Yes Bank reduced its stake in the company

CG Power was locked in the upper circuit after Yes Bank reduced its stake in the company

CG Power and Industrial Solutions were locked into the 5 percent upper circuit on the morning of August 19. After private lender Yes Bank offloaded its stake in the company.

Yes bank offloaded its 8.27 percent equity stake in CG Power on August 18 through open market transactions.

Bulk Deals data showed that Yes Bank sold 2.8 crore equity shares at Rs 146.6 per share. On the National Stock Exchange (NSE) and 2.4 crore shares at Rs 14.66 per share on the BSE.

As of June 2020, the lender held a 12.79 percent equity stake in the company, according to shareholders.

However, GDN Investments bought 46 lakh shares of CG Power on BSE at Rs 14.66 per share.

On August 17, non-banking financial company L&T Finance exited CG Power by selling its 8.4 percent stake in open market trading.

Purchase orders for 4,502,827 shares are pending and sellers are not available.

At 11:03 am, CG Power and Industrial Solutions were trading at Rs 15.39, up to Rs 0.73 or 4.98 percent on the BSE.

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