CG Power falls after Hungarian asset sale fails

Reuters May 7 | Updated on May 07, 2019 Published on May 07, 2019

CG Power and Industrial Solutions Ltd's shares fall by as much as 9.8 per cent to Rs 34, the company’s worst day since February 26.

The company said that it has terminated the divestment deal for some Hungarian assets owned by its unit. The deal with Hungary's Ganz Villamossagi Zrt and Alester Holdings Limited included the divestment of assets and shares of company's business in the country, except for its switchgear business.

“We wish to inform you that certain conditions subsequent agreed to be performed between the parties have not been met,” the company said in exchange filing.

CG Power's shares are down 15.9 per cent YTD as of last close.

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Published on May 07, 2019
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