CG Power seeks shareholders' nod to borrow up to `5,000 crore
New Delhi: Fraud-hit CG Power and Industrial Solutions has sought shareholders' nod to borrow up to Rs 5,000 crore to meet working capital and other business needs as it looks to spring back from the worst crisis in its history. CG Power has called an annual general meeting of shareholders on December 14 where the resolution for borrowing will be put to vote.
In a notice to shareholders, the firm said its current borrowing as of March 31, 2019 is Rs 2,455.39 crore (fund based including short term loans) and Rs 1,380.00 crore (non fund based).
CG Group incurred a net loss of Rs 652.38 crore during the year ended March 31, 2019. Its current liability exceeds its current assets by Rs 2,115.98 crore.