Investment firms CAM, AZB, and law agency Hogan Lovells have taken action in relation to a $351 million Qualified Institutional Placement (QIP) for power solutions company CG Power.
In a significant development, Indian multinational company CG Power and Industrial Solutions has successfully raised $351 million through a Qualified Institutions Placement (QIP) of equity shares. The transaction, which took place in late June to early July 2025, was oversubscribed by more than three times, attracting participation from Indian and global marquee investors.
The advisors for this landmark fundraising include Cyril Amarchand Mangaldas, who served as the company's counsel, with key team members Devaki Mankad and Gayathri Ramachandran taking the lead. AZB & Partners advised the bookrunning lead managers (IIFL Capital Services, DAM Capital Advisors, and HSBC Securities and Capital Markets India), while Hogan Lovells served as international legal counsel to the lead managers.
CG Power plans to deploy these funds to support its industrial and power systems business, including enhancing capacity and new business development. The company's diversification efforts are evident in the strategic uses mentioned, such as scaling operations in power transformer manufacturing, railway safety systems, and semiconductor-related business expansions. One potential area for acquisitions is the semiconductor industry.
The transaction was not a merger, acquisition, or any other type of corporate restructuring. The bookrunning lead managers for the transaction were IIFL Capital Services, DAM Capital Advisors, and HSBC Securities and Capital Markets (India). The transaction amount for CG Power and Industrial Solutions' fundraising is $351 million, approximately ₹3,000 crore.
Sakshi Sharma, Aniruddh Saraswat, and Shabri Bose provided support to the capital markets team at Cyril Amarchand Mangaldas for the transaction. Devaki Mankad, Regional Co-Head - Capital Markets - West at Cyril Amarchand Mangaldas, led the firm's capital markets team for the transaction. Biswajit Chatterjee, head of the India practice and Dubai office managing partner at Hogan Lovells, led the firm's capital markets team for the transaction.
While the specific outcome or status of the transaction was not provided, this fundraising marks a significant step forward for CG Power and Industrial Solutions as they continue to expand their operations and diversify their business.
[1] Cyril Amarchand Mangaldas Press Release: [Link to the press release] [2] AZB & Partners Press Release: [Link to the press release] [3] Hogan Lovells Press Release: [Link to the press release] [4] CG Power and Industrial Solutions Press Release: [Link to the press release]
- Given the successful fundraising of $351 million, CG Power and Industrial Solutions will use the finance to support their industrial and power systems business, with potential industry expansions in semiconductors and other areas.
- The industries involved in this transaction include power, semiconductors, and finance, as the raised funds will be allocated to various business sectors, including a possible acquisition in the semiconductor industry.
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