CKP group to acquire Diamond Power Infrastructure, to infuse Rs 1,200 crore

CKP group to acquire Diamond Power Infrastructure, to infuse Rs 1,200 crore

The financially troubled Diamond Power Infrastructure company, which is now under the control of lenders led by Bank of India, will be sold to CKP group.

Lenders hold 70% stake in the company upon converting their debt into equity under strategic debt restructuring scheme. The new promoter will now infuse Rs 1200 crore in the company. The shares of company hit the upper circuit as it rose 5% to close at Rs 42.4 on the news that new investors will infuse capital in the loss making company.

In January lenders had converted Rs 855 crore of their debt into equity at Rs 41.28 a share. As a result they acquired majority stake in the company and the promoter’s stake fell from 44% to 11% in the quarter ending December 2016. Read More…

 

Credit By : Energy.economictimes.indiatimes.com

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