Rs 425 crore block deal in CG Power expected today

21 May 2024 , 02:59 PM

A Foreign Institutional Investor (FII) shareholder is expected to sell a stake worth ₹425 Crore in CG Power and Industrial Solutions Ltd on May 21 via a block deal, as per sources.

The anticipated block deal involves 65 lakh shares, with an estimated deal size of ₹425 Crore. CG Power witnessed a 5.3% increase, closing at ₹663.25 per share on BSE on May 18 during a special half-day trading session. Sources suggest that the block deal is likely to occur at a 2-3% discount to the market price.

The stock market remained closed on May 21 due to the fifth voting phase for the Lok Sabha Election 2024 in Mumbai, marking the second holiday of the month, aligned with the ongoing seven-phase election process for all six seats in the city.

Kotak Securities is reportedly the likely deal broker for this transaction. CG Power and Industrial Solutions Ltd reported a consolidated profit after tax (PAT) of ₹233.81 Crore for the January-March 2024 quarter.

In the corresponding quarter of the previous year, the company reported a PAT of ₹426.22 Crore. For the financial year ending March 31, 2024, the consolidated PAT increased to ₹1,427.61 Crore from ₹962.97 Crore in the same period last year.

The consolidated total income for the quarter ending March 31, 2024, rose to ₹2,239.83 Crore from ₹1,917.05 Crore in the same period last year.

Similarly, for the year ending March 31, 2024, the consolidated total income surged to ₹8,152.24 Crore from ₹7,040.30 Crore in the same period of the previous year.

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