CG Power Acquires Majority Stake In G G Tronics For Rs 319 Crore
The acquisition is expected to be completed on or before Aug. 23, 2024.
CG Power and Industrial Solutions Ltd. has acquired a 55% stake in G G Tronics India Pvt. for Rs 319.4 crore. The company has acquired the stake through a combination of the purchase of equity shares from the promoters of GGT and by subscribing to compulsorily convertible preference shares, as per an exchange filing on Wednesday.
The acquisition is expected to be completed on or before Aug. 23, 2024.
Bengaluru-based GG Tronics specialises in the railway electronic signalling sector.
This acquisition is in line with CG’s strategic intent to expand its railway product portfolio by diversifying into closely related or adjacent areas poised for growth, as per the exchange filing.
Shares of CG Power and Industrial Solutions Ltd. closed 3.48% higher at Rs 699.95 per share, compared to a 0.27% decline in the Sensex.
