03-07-2025
CG Power closes QIP at Rs 660 per share, raising funds from institutional buyers
By Aditya Bhagchandani Published on July 3, 2025, 22:28 IST
CG Power and Industrial Solutions Limited announced the successful closure of its qualified institutions placement (QIP) of equity shares on July 3, 2025. The company's Securities Issue Committee approved the issue price of ₹660.00 per equity share, including a premium of ₹658.00, after applying a 2.81% discount to the floor price of ₹679.08 per share as per SEBI regulations.
In a regulatory filing, CG Power said the committee, which met on July 3, finalised the allocation of equity shares to eligible qualified institutional buyers (QIBs). The placement document was also approved, and the confirmation of allocation notes were sent to the investors.
The QIP was conducted under the provisions of Chapter VI of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and Sections 42 and 62(1)(c) of the Companies Act, 2013. Funds from QIBs have already been credited to the escrow account in accordance with the terms of the issue.
The Securities Issue Committee meeting commenced at 9:45 p.m. and concluded at 10:05 p.m., approving all the key resolutions for the completion of the QIP.
This move is expected to strengthen the company's capital base and support its growth initiatives.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
