CG Power rallies 13% after Yes Bank acquires stake

At 1114 hrs, CG Power and Industrial Solutions was quoting Rs 41.30, up 13.15 percent on the BSE.

Shares of CG Power and Industrial Solutions rallied more than 13 percent intraday on May 8 after Yes Bank said it had acquired a stake worth nearly Rs 300 crore in the company.

In its BSE release, India's fourth largest private sector bank said it acquired eight crore shares of CG Power, which had been pledged with it by a borrower.

The stake acquired by Yes Bank is equivalent to 12.79 percent ownership in the electric equipment maker, worth Rs 292.18 crore as per May 7 closing price.

The shares have been acquired on "invocation of pledge subsequent to default/breach of terms of the loan to Oyster Buildwell ", the bank said.

At 1114 hrs, CG Power and Industrial Solutions was quoting Rs 41.30, up 13.15 percent on the BSE.

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