Yes Bank Surges Over 2%, CG Power Locked In 5% Upper Circuit After Bank Sells Stake In The Latter

Shares in Yes Bank in trade on August 20, 2020 traded higher by over 2% to day's high price of Rs. 16.21 per share on the BSE. While CG Power Solutions has been locked in 5% upper circuit of Rs. 16.15 per share on the BSE and Rs. 16.05 per share on the NSE.

Yes Bank Surges Over 2%, CG Power Locked In 5% Upper Circuit After Bank Sells Stake In The Latter

This is after Yes Bank offloaded its entire stake in CG Power and Industrial Solutions, the bank said on Wednesday (August 19, 2020). The private bank sold 6,34,00,000 equity shares with nominal value of Rs. 2 each that constitutes 10.12% share capital of CG Power in various tranches, the last being sold on August 18, 2020, the bank said in a filing.

"It may be noted that the bank has sold entire shares held by the bank and after the aforesaid disposal of shares, the bank now holds nil shares of CG Power," Yes Bank said.
Earlier on July 7, the bank offloaded 1,66,50,000 equity shares of the company, that totals to 2.66% paid up share capital of CG Power. The lender acquired 12.79% stake or 8,00,50,000 equity shares of the engineering and electrical equipment major in May of 2019 after the invocarion of pledged shares.

The proceeds from the shares sale of CG Power will be put to lessen the bad debt acquired by such shares, the bank said. will be utilised to reduce the bad loans secured by such shares, it had said.

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