KKR & Co. Inc. bought an almost 10% stake in CG Power and Industrial Solutions Ltd. for about 893.1 million Indian rupees, The Economic Times (India) reported.
The private equity firm, through two affiliates, has enforced pledge on credit facilities extended to Avantha Holdings Ltd. and its Salient Financial Solutions Ltd. unit and through the enforcement of pledges created by Avantha, according to the report, citing a company statement.
KKR India Financial Services Pvt. Ltd. and KKR India Debt Opportunities Fund II purchased 50,736,588 and 11,938,021 shares of CG Power, respectively, for an average price of 14.25 rupees apiece, the report noted.
As of Sept. 17, US$1 was equivalent to 71.49 Indian rupees.
