New Delhi, Nov 22 : The lenders of CG Power and Industrial Solutions have approved a one-time restructuring of loans to the company, paving the way for its acquisition by Murugappa Group-led Tube Investments of India. In a regulatory filing, CG Power said: "The company, TI (Tube Investments) and the lenders have now executed the requisite binding agreements dated November 20, 2020 for one-time settlement and restructuring of funding facilities and guaranteed debt of the company." Among the conditions of the Securities Subscription Agreement (SSA) is that the lenders of CG Power accept one-time settlement and restructure the funded facilities and guaranteed debt in accordance with the terms of binding offer made by the company to CG Power and the lenders in a manner that is mutually acceptable, Tube Investments said in a separate filing. The agreement provides for 'compromise settlement' by undertaking an upfront payment of Rs 650 crore to lenders, conversion of Rs 200 crore of Fund-Based Facilities into unrated, unsecured, unlisted, non-convertible debentures having a tenure of five years to be issued by the company to the lenders. The resolution proposal also envisages that lenders shall be paid from the proceeds from the sale of 'CG House' at Worli in Mumbai on best efforts and as is where is basis, within five years from the date of the Master Implementation-cum-Compromise Settlement Agreement. It also includes transfer or replacement of non-fund based facilities of the lenders to non-consortium lenders or the company procuring and submitting counter-guarantees for the same. Last month, the Competition Commission of India (CCI) had approved the acquisition of shares in CG Power and Industrial Solutions Ltd by Tube Investments of India Ltd. The proposed combination envisages acquisition of more than 50 per cent of the equity share capital of CG Power and Industrial Solutions Ltd (CG Power) by Tube Investments of India Ltd (TIIL). TIIL is a listed entity and is part of Murugappa group. It has three business verticals -- engineering, metal formed products, and bicycles. It is engaged in the manufacture of a wide range of products for automotive, railway, construction, mining, and agriculture industries. CG Power has two major business units -- power systems and industrial systems. /IANS