Shares of CG Power and Industrial Solutions rallied 6 per cent to Rs 41 in intra-day trade on Friday on the BSE after billionaire Sunil Mittal purchcased an additional 446,000 shares through open market to increase his stake in the company to over 6 per cent.
The stock has now surged 17 per cent in the past three trading sessions.
Mittal had already bought a total of 33 million shares to pick up almost 5 per cent stake in the company between March 11 and April 23 through Bharti (SBM) Holdings, one of his personal investment arms, NSE’s bulk deal data showed.
Bharti (SBM) Holdings held 31.2 million shares of CG Power at the end of the March quarter, according to the company’s shareholding pattern as declared on the BSE. CLICK HERE FOR THE COMPANY’S SHAREHOLDING PATTERN
Recently, lenders, including L&T Finance, and private equity giant KKR, invoked pledged shares in the Avantha Group company.
At 12:13 PM, the stock of CG Power, which makes electrical equipment like transformers and swtichgears, was trading 4.35 per cent higher at Rs 40.75 on the BSE, as compared to 0.33 per cent rise in the S&P BSE Sensex.source:business-standard.com