Crompton Greaves to acquire controlling stake in Butterfly Gandhimathi

Crompton Greaves Consumer Electricals has signed definitive agreements to acquire upto 55% stake of Butterfly Gandhimathi Appliances at 1,403 per equity share, aggregating upto 1,379.68 crore. It will also acquire certain Butterfly trademarks in allied and cognate classes from promoter group entities for a consideration of 30.38 crore.

“Crompton will launch the mandatory open offer to the public shareholders of Butterfly, for acquiring upto 26% stake in Butterfly at a price of 1,433.9 per equity share, aggregating upto 666.57 crore; for an aggregate total consideration of upto INR 2,076.63 crore,” the company announced in an exchange filing today.

The transaction will be subject to completion of customary closing conditions and is expected to be financed through a mix of internal accruals and debt.

The transaction will accelerate Crompton’s long-term strategic goal of becoming a leading player…

READ FULL STORY HERE

ALSO READ   Govt does not plan to launch LIC FPO till next year. Key details here

Leave a Comment

x