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KKR, Yes Bank and BOI AXA may take control of CG Power

Gautam Thapar family may lose control of CG Power and Industrial Holdings after it defaulted on payments forcing private equity giant KKR to convert its loans into equity. Two other lenders including Yes Bank and BOI AXA are in the process of doing the same in a move that that will reduce the Thapar family to a minority. KKR now owns about 10.8 per cent in the firm and the combined stake of the lenders is set to touch 30 per cent if YES and others go ahead with their conversion. The Thapar family held about 34.42 per cent in the capital goods firm till KKR’s conversion. In addition, the creditors have nudged the board of CG Power to remove B Hariharan, director and group CFO of Avantha Group as a promoter-nominee and appointed Narayan Sesha.....

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