CG Power jumps 5% as YES Bank acquires shares

NEW DELHI: Shares of CG Power and Industrial Solutions jumped nearly 5 per cent in morning trade on Wednesday, a day after YES Bank said it had acquired shares of the company.

YES Bank on Tuesday said it acquired eight crore shares in electric equipment maker, which had been pledged with it by a borrower.

The shares represent 12.79 per cent ownership in the company and was worth Rs 292.56 crore at Tuesday's close.

The shares have been acquired on "invocation of pledge subsequent to default/breach of terms of the loan to Oyster Buildwell ", the bank said in a regulatory filing.

Shares of CG Power traded 3.84 per cent higher at Rs 37.90 on BSE around 10 am.