CG Power Acquires 55% Stake in GGT for Rs 319 cr
Jul 24, 2024 16:06
CG Power and Industrial Solutions to acquire 55% stake in GGT Tronics, a railway signaling solutions provider, for Rs 319 crore.
New Delhi, Jul 24 (PTI) CG Power and Industrial Solutions on Wednesday said it will acquire 55 per cent stake in GG Tronics for Rs 319 crore.
The acquisition is expected to be completed on or before August 23, 2024.
"The company has entered into definitive agreements for acquisition of 55 per cent stake of GGT through a combination of purchase of equity shares from GGT promoters and by way of subscription to compulsorily Convertible Preference Shares for an aggregate consideration of up to Rs 319.38 crore," it said in an exchange filing.
Bengaluru-based G G Tronics (GGT) specializes in designing, manufacturing, supplying, and installing electronic safety embedded signalling systems for the railway transportation segment, the filing said.
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