Mumbai, Aug 9 (TIWN) The Murugappa Group-led Tube Investments of India will take up control of the fraud-hit CG Power, with nearly 51 per cent stake in the company at an investment of Rs 700 crore.

In a statement to BSE, CG Power said that the two companies have reached a securities subscription agreement (SSA) which gives Tube Investments of India Limited control over 64.25 billion equity shares of face value of ₹2 each at a price of ₹8.56/- (including premium) per equity share aggregating to ₹550 crore. This will give Tube Investments control over 50.62% of CG Power post the equity shares allotment.