Shares of CG Power and Industrial Solutions were locked at 5 percent upper circuit after the board decided to remover the chairman of the company.
The board of directors through a circular resolution dated August 29, 2019, passed by majority consent, have resolved to remove Gautam Thapar as the chairman of the board with immediate effect, as per the company release.
There were pending buy orders of 585,046 shares, with no sellers available.
On August 28, the company has clarified that it is evaluating divestments of non core assets and considering other fund-raising avenues including a potential equity raise for bridging the cash flow gaps as well as working capital requirement to avoid any business disruption.
At 1130 hrs, CG Power and Industrial Solutions was quoting at Rs 9.95, up Rs 0.45 on the BSE.
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