AZB & Partners acted as legal counsel to the book running lead managers (BRLMs) — IIFL Capital Services Ltd. (formerly IIFL Securities Ltd.), DAM Capital Advisors Ltd., and HSBC Securities and Capital Markets (India) Pvt Ltd. — on the successful completion of CG Power and Industrial Solutions Limited’s ₹30 billion qualified institutions placement (QIP).
This capital raise will help CG Power boost its growth plans, manage debt more efficiently and strengthen its balance sheet under the Murugappa Group’s stewardship.
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Deal Overview
| Feature | Details |
|---|---|
| Issuer | CG Power and Industrial Solutions Limited |
| Issue Size | ₹30 billion QIP of equity shares |
| Book Running Lead Managers | IIFL Capital Services Ltd., DAM Capital Advisors Ltd., HSBC Securities and Capital Markets (India) Pvt Ltd. |
| Legal Counsel to BRLMs | AZB & Partners |
| Issuer Counsel | Not disclosed at the time of announcement |
| Sector | Industrial Solutions & Power Systems |
Parties Involved
Issuer: CG Power and Industrial Solutions Limited is a leading Indian manufacturer of transformers, switchgear, and industrial systems, with a strong market presence across power transmission and distribution.
Book Running Lead Managers: IIFL Capital, DAM Capital and HSBC Securities and Capital Markets (India) were the joint bookrunners for the QIP.
Legal Counsel to BRLMs: AZB & Partners acted exclusively for the bookrunning lead managers, advising on due diligence, offer structure, regulatory compliance and final documentation.
Issuer-side Legal Counsel: No issuer-side counsel has been publicly reported.
AZB & Partners Deal Team
The AZB & Partners team advising the BRLMs included:
Senior Partners: Varoon Chandra, Lionel D’Almeida
Partner: Rahul Aggarwal
Senior Associates: Bharat Mordani, Rajat Chadha
Associates: Arika Gupta, Harsh Vardhan Singh, Yagnesh Sharma, Lavanya Jha, Saket Pathak
The team assisted with drafting, regulatory filings, Indian law due diligence, and compliance with SEBI’s QIP framework.
Key Transaction Highlights
The QIP was fully subscribed by a mix of domestic and foreign institutional investors, underscoring strong investor confidence.
Funds raised will support CG Power’s working capital, operational expansion and debt reduction.
This issuance adds momentum to India’s robust capital market activity under the QIP route.
Strategic Significance
This capital raise is part of CG Power’s turnaround strategy since coming under the Murugappa Group’s control. The infusion of fresh equity will help the company deleverage its balance sheet, modernise its operations, and pursue new business opportunities in power systems and industrial segments.
For the lead managers and their legal counsel, the deal demonstrates continued institutional interest in the Indian industrial sector and the utility of the QIP route as a time-efficient capital-raising option.
Why It Matters
Qualified Institutions Placements (QIPs) have become a preferred equity capital-raising tool for listed companies in India due to their quicker timelines and more flexible investor targeting compared to full public offerings.
The success of CG Power’s ₹30 billion QIP underlines how strong governance, a credible turnaround plan and trusted capital market intermediaries can help companies unlock value and scale sustainably.
With India’s capital markets continuing to provide robust funding avenues for growth-stage and turnaround stories alike, QIPs remain a quick, compliant and effective method for listed companies to access institutional capital.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
