On Tuesday, the private sector lender Yes Bank said that it has acquired eight crore shares in CG Maker and Industrial Solutions, an electric equipment maker, representing 12.79 per cent ownership in the same company.
The acquired shares were pledged to it by a borrower. These shares will be valued at Rs 292.56 crore as per Tuesday’s close.
In the regulatory filing, the bank said, that the shares have been acquired on “invocation of pledge subsequent to default/breach of terms of loan to Oyster Buildwell Private Limited”. The proceedings by the sale of these shares will significantly help in reducing the loan secured by such shares, it added.
The Indian Multinational Company CG Power and Industrial Solutions is engaged in designing, manufacturing, and marketing of products related to electric equipment. It was previously known as Crompton Greaves.
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