A week after it first reported an employee-led fraud, CG Power is now looking to put its house in order.
The revival plan includes an equity-based fund raising, seeking lender support and sale of non-core assets.
The new plan has been put in place after the company’s disclosure last week which said its liabilities, advances and net worth are under-stated. “Key initiatives will include considering other fund-raising avenues, including a potential equity raising for bridging the cash flow gaps as well as working capital requirement to avoid any business disruption,” CG Power said in an analysts’ presentation.
The company will hold an investor