CG Power and Industrial Solutions on Thursday said Murugappa Group conglomerate Tube Investments of India Ltd (TIL) has acquired a controlling stake in it and now holds 50.62% of the company's paid-up share capital. The company also said it has received Rs 587.50-Cr from the Tube Investments of India, it said in the stock Exchanged filing.

It also said, “Tube Investments of India has acquired a controlling interest in the company and holds 50.62 per cent of the paid-up equity share capital of the company." According to a statement on Thursday, Tube Investments has accepted the offer and applied for securities issued to them on a preferential allotment basis. The company is in receipt of an aggregate sum of Rs 5,87,50,00,004.25 from Tube Investments towards subscription to equity shares and 25 per cent upfront consideration towards subscription of warrants of the company, it added. CG Power and Industrial Solutions' board in its meeting on Thursday allotted 64,25,23,365 equity shares with a face value of Rs 2 each at a price of Rs 8.56 per piece, including premium, aggregating to Rs 550,00,00,004.

The board also issued 17,52,33,645 warrants, each carrying a right exercisable by the warrant holder to subscribe to one equity share per warrant within 18 months from allotment. The aggregate consideration for subscribing to equity shares upon exercise of the warrants is Rs 150,00,00,001 of which Rs 37,50,00,000.25 constituting 25% of the aggregate consideration will be paid on warrant subscription by the prospective investor.

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