Law firm CAM, AZB, and Hogan Lovells advise on CG Power's $351 million Qualified Institutional Placement (QIP)
Indian Multinational CG Power Raises $351 Million through Qualified Institutional Placement (QIP)
CG Power and Industrial Solutions, a leading Indian multinational company involved in railway transportation, power generation, transmission, and distribution, has successfully raised $351 million through a Qualified Institutional Placement (QIP). This fundraising aims to strengthen the company's financial position and support its growth initiatives.
The QIP involves issuing equity shares and/or convertible securities to qualified institutional buyers in compliance with regulatory guidelines. The funds raised are expected to be utilised for strategic investments, operational improvements, or debt repayment, with the ultimate goal of enhancing shareholder value.
The capital raised will help CG Power fund its business expansion plans, reduce debt, and enhance its overall financial flexibility. The funds are also expected to support the company's capital expenditure plans and potential acquisitions.
Devaki Mankad, Regional Co-Head - Capital Markets - West at Cyril Amarchand Mangaldas, led the capital markets team for the transaction. Gayathri Ramachandran was also part of the team. Sakshi Sharma, Aniruddh Saraswat, and Shabri Bose provided additional support.
On the other hand, Biswajit Chatterjee, head of the India practice and Dubai office managing partner at Hogan Lovells, led the capital markets team for the transaction. Kaustubh George, Varun Jetly, Aditya Rajput, Suchisubhra Sarkar, Aditya Dsouza, Sanjana Ravjiani, Komal Israni, and Purva Mishra provided support to the team at Hogan Lovells.
AZB & Partners and Hogan Lovells served as advisors to the bookrunning lead managers for the transaction. Specific financial advisors, merchant bankers, or legal advisors for this QIP by CG Power and Industrial Solutions have not been explicitly mentioned in the recent publicly available documents or news.
For the latest authoritative details, checking CG Power’s stock exchange disclosures, official press releases, or filings with the Securities and Exchange Board of India (SEBI) would be necessary.
CG Power also provides end-to-end solutions for managing and applying electrical energy in utilities, industries, and for consumers. The company's expansion into the semiconductor industry remains uncertain, but this QIP fundraising could potentially pave the way for such a move.
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