Private sector lender Yes Bank Ltd on Tuesday, offloaded 5.18 crore shares or 8.27% equity stake in CG Power & Industrial Solutions Ltd for ₹76 crore, via open market transactions, joining other institutional investors such as private equity firm KKR and L&T Finance, who have sold shares in past two days.
Yes Bank sold 2.38 crore equity shares in the company at ₹14.66 per share on the Bombay Stock Exchange (BSE), and 2.8 crore shares at ₹14.6 per share on the NSE, valuing the transactions at ₹75.81 crore, the bulk deals data showed.
The lender held 12.77% equity stake in the company as per the shareholding pattern as of June 2020.
On Monday, L&T Finance exited CG Power by selling its remaining 8.4% stake through open market transactions.
While on Friday, L&T Finance, KKR India Debt Opportunities Fund II and KKR India Financial Services sold over 46.6 million shares, or approximately 7.5%, of CG Power for Rs63 crore.
Shares of CG Power & Industrial gained 4.94% on Monday on BSE to close at ₹14.66, while the benchmark index, Sensex gained 1.26% to close at 38,528.32 points.
These stake sales come at a time when it appears that a solution to the debt-laden CG Power troubles is expected to emerge soon.
On 7 August, the company informed stock exchanges that Murugappa Group-led Tube Investments of India Ltd agreed to invest ₹700 crore in the company for a 56% stake.
However, lenders to CG Power are now seeking better bids for the company under the Swiss Challenge method, Mint reported last week.