CG Power and Industrial Solutions has finalised its acquisition of G G Tronics for Rs 319 crore, according to a company statement.
CG Power confirmed that the acquisition was completed on Aug. 20, in a filing with the on Tuesday.
Last month, the company had entered into definitive agreements to acquire a 55% stake in G G Tronics. This stake was acquired through a combination of purchasing equity shares from G G Tronics' promoters and subscribing to compulsorily convertible preference shares, totaling an aggregate consideration of Rs 319.38 crore.
Pursuant to the completion of the said acquisition, GG Tronics is now a subsidiary of the company with effect from Aug. 20, 2024, it said.
(With Inputs From PTI.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
