Sunday 19 January 2020
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business-standard - 1 month ago

CG Power seeks shareholders nod to borrow up to Rs 5,000 cr to revive business

Fraud-hit CG Power and Industrial Solutions has sought shareholders nod to borrow up to Rs 5,000 crore to meet working capital and other business needs as it looks to spring back from the worst crisis in its history. CG Power has called an annual general meeting of shareholders on December 14 where the resolution for borrowing will be put to vote. In a notice to shareholders, the firm said its current borrowing as of March 31, 2019 is Rs 2,455.39 crore (fund based including short term loans) and Rs 1,380.00 crore (non fund based). Keeping in view the existing borrowing and additional fund requirements and given the current financial condition of the company, the company is in urgent need of both long-term capital and working capital and towards this, the management of the company is in the process of identifying potential sources of capital, it said. The company is also seeking external advice on mode and sources of fund raising. Hence, approval of the members (or shareholders) is


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