Crompton Greaves (CG), an engineering firm, announced that the company is selling its power systems business in Canada to PTI Holdings Corporation for an enterprise value of CAD 20 million subject to post-closing adjustments.

Pursuant to the approval of the committee, a definitive business purchase agreement with PTI Holdings Corporation will be executed on Oct. 26, 2015, the company said.

As per the agreement, the structure of the deal and its commercial terms remain subject to applicable regulatory approvals, it added.

Earlier the company had announced on May 28, 2015, that it had received a firm offer for divestment of company's Power Systems Business in Canada and had authorised a Committee of Directors to take appropriate next steps for the purpose.

Shares of the company gained Rs 0.25, or 0.14%, to trade at Rs 183.45. The total volume of shares traded was 76,849 at the BSE (10.20 a.m., Tuesday).