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Clues by NC Team • 15 Mar 2019, Friday

Lenders to CG Power and Industrial Holdings will reportedly convert their loans into equity after the company defaulted on loan repayments. Private equity KKR, Yes Bank and BoI  AXA will convert their debt into equity thereby reducing the Gautam Thapar and family led promoter group to a minority. KKR now owns about 10.8% and the combined stake of the lenders is set to touch 30% if Yes Bank and others go ahead with their conversion. The Thapar family earlier held about 34.42% in the capital goods firm out of which 32 % is pledged with lenders.

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