The Board of CG Power and Industrial Solutions has approved the offer of additional investment of Rs 1 billion by Tube Investments.
As per CG Power, it had received a letter dated August 30 from Tube Investments of India indicating their offer to infuse additional capital in the company aggregating up to around Rs 1 billion by way of subscribing to additional equity shares of the company on a preferential allotment basis. Further, Tube Investments has offered additional investment to help the company meet its liabilities, stabilising its operations and improving its liquidity position.