Lenders acquired a majority stake in Diamond Power Infrastructure in the month of January as they have converted Rs 855 crore of debt into equity at Rs 41.28 per share, thus gaining the majority stake.

March 15, 2017

Diamond Power Infrastructure, which is now controlled by lenders, headed by Bank of India, will be sold to CKP Group, as per Dalal Street Investment Journal. Lenders command 70% stake in the company upon conversion of their debt into equity. CKP Group will inject Rs 1200 crore into the financially troubled company.

Lenders acquired a majority stake in Diamond Power Infrastructure in the month of January as they have converted Rs 855 crore of debt into equity at Rs 41.28 per share, thus gaining the majority stake. For the financial year 2015-16 it announced a loss of Rs 324 crore. Bank of India commands the highest stake of 20%, Bank of Baroda (10%), ICICI Bank (8%) & Axis Bank (7.3%). Diamond Power Infrastructure Ltd., is an India-based holding company. It is engaged in the business of transmission and distribution of power (T&D).