CG Power & Industrial Solutions has successfully concluded its ₹3,000 crore Qualified Institutional Placement (QIP), receiving bids worth approximately ₹10,000 crore — over three times the intended raise. The issue garnered strong interest from leading mutual funds, insurance companies, and long-only foreign portfolio investors (FPIs), with minimal allocation likely to hedge funds.

Major mutual fund bidders included Axis Mutual Fund, Aditya Birla Mutual Fund, WhiteOak Capital, and HDFC Mutual Fund, while insurance giants SBI Life Insurance and HDFC Life Insurance also made significant bids. BlackRock led the charge among FPIs.

The indicative issue price of ₹660 was set nearly 3% below the SEBI-determined floor price of ₹679.08 and about 3.25% lower than Monday’s closing price. The QIP represents approximately 2.89% equity dilution, assuming full subscription. Merchant bankers DAM Capital Advisors, IIFL Capital, and HSBC Securities managed the offering.

The fundraise closely follows CG Power's recent ₹641 crore order from Power Grid Corporation of India Ltd for a 765kV transformer package — its largest single order to date. Deliveries for this order are scheduled over the next 18 to 36 months, reinforcing CG Power’s strong momentum in the power infrastructure segment.

CG Power & Industrial Solutions has received a tremendous response to its ₹3,000 crore Qualified Institutional Placement (QIP), with bids totaling nearly ₹10,000 crore. According to sources familiar with the deal, the oversubscription was largely driven by mutual funds, insurance companies, and long-only foreign portfolio investors (FPIs).

Among domestic investors, Axis Mutual Fund, Aditya Birla Mutual Fund, WhiteOak Capital, and HDFC Mutual Fund placed large bids. Insurance heavyweights SBI Life and HDFC Life Insurance also participated aggressively. Global asset manager BlackRock is reported to have placed a substantial bid, with some hedge funds involved on a smaller scale. However, the bulk of allocation is expected to go to domestic and long-only investors.

The QIP, managed by DAM Capital Advisors, IIFL Capital, and HSBC Securities, was priced at ₹660 per share — a 3% discount to the SEBI-determined floor price of ₹679.08 and 3.25% below Monday’s close. The offering represents around 2.89% dilution of post-issue paid-up capital.

This capital raise follows CG Power’s strategic win — a ₹641 crore order from Power Grid Corporation of India Ltd for a 765kV transformer supply and servicing package, the largest single order in the company's history. Execution of this order is expected over 18–36 months.

The strong institutional interest signals renewed confidence in CG Power's growth prospects, as it continues to build on its expanding order book and sector relevance.