Money & Banking

YES Bank sells entire stake in CG Power

Our Bureau. Mumbai | Updated on August 19, 2020 Published on August 19, 2020

YES Bank has sold off its entire shareholding of 10.12 per cent stake in CG Power and Industrial Solutions in various tranches, the last being on August 18.

“We would like to inform you that YES Bank has sold 6,34,00,000 equity share having nominal value of ₹2 each, constituting 10.12 per cent of the paid-up share capital of CG Power and Industrial Solutions Limited,” it said in a regulatory filing on Wednesday.

It further said that it has sold the entire shares it held and now holds nil shares in CG Power.

According to bulk deal data, YES Bank sold 2.38 crore shares in the company on August 18 at a price of ₹14.66 apiece on BSE and another 2.8 crore shares of the company on CG Power. In all, it divested 5.18 crore shares amounting to nearly 8.3 per cent stake in the company.

The bank had earlier also sold shares it held in CG Power on May 7 and July 8 this year.

YES Bank had, in May 2019, acquired 12.8 per cent stake in CG Power on invocation of pledged shares of its promoter.

L&T Finance, too, had recently divested its entire equity stake of 9.99 per cent in CG Power through open market transactions

On Wednesday, the shares of CG Power gained 4.98 per cent on BSE and closed at ₹15.39 apiece.

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Published on August 19, 2020
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