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Tube Investments share rises over 3% after firm buys majority stake in CG Power

Share of Tube Investments gained 3.74% to Rs 845.55 against previous close of Rs 815.05 on BSE. The stock has gained after 2 days of consecutive fall

twitter-logoBusinessToday.In | November 27, 2020 | Updated 18:04 IST
Tube Investments share rises over 3% after firm buys majority stake in CG Power
Tube Investments share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Tube Investments share rose over 3% today after the firm acquired a controlling stake in CG Power and Industrial Solutions .It now now holds 50.62 per cent of the company's paid-up share capital.

Share of Tube Investments gained 3.74% to Rs 845.55 against previous close of Rs 815.05 on BSE. The stock has gained after 2 days of consecutive fall.

Tube Investments share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has gained 81.45% and risen 69.14% since the beginning of this year.

In a month, the share has gained 25.38%. Market cap of the firm stood at Rs 15,338 crore. Later, the share closed 0.12% higher at Rs 816 on BSE.

CG Power and Industrial Solutions said it has received Rs 587.50 crore from Tube Investments, it said in a BSE filing.

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It also said, "TII has acquired a controlling interest in the company and holds 50.62 per cent of the paid-up equity share capital of the company."

In a separate development, which also contributed to positive sentiment around the stock, the company agreed to raise Rs 350 crore on a private placement basis via preferential allotment to Azim Premji Trust and two schemes of SBI Mutual Fund (MF).

"The company has executed the share subscription agreement on Thursday, November 26, 2020 with Azim Premji Trust for issue and allotment of 2.73 million equity shares for an aggregate consideration up to approximately Rs 200 crore and with SBI Mutual Fund for issue and allotment of 2.05 million equity shares of the company for an aggregate up to approximately Rs 150 crore," the company said in a regulatory filing.

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