Crompton Greaves Consumer is looking to buy more than 50 percent stake for Rs 1,450 crore
Representative image.
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Shares of Butterfly Gandhimati Appliances rose nearly three percent on February 21 after Moneycontrol reported that Crompton Greaves Consumer Electricals is likely to buy out a controlling stake in the company.
Crompton Greaves Consumer is looking to buy more than 50 percent stake in the consumer appliance company for Rs 1,450 crore, which is likely to trigger an open offer to public shareholders, the report said.
Currently, promoters of Butterfly Gandhimati hold 64.78 percent stake which is likely to become a minority holding once the deal goes through. Butterfly Gandhimati’s market capitalisation currently stands at Rs 2,318 crore.
Butterfly Gandhimati had been on the lookout to raise funds worth Rs 500 crore to expand its products and services. Earlier, reports had said that Havells India was also interested in buying a majority stake in the consumer appliance maker.
The deal could be the largest in the consumer appliance space in a long time and points towards further consolidation as demand for home appliances spikes due to work from home triggered by the pandemic.
At 1:56 pm, shares of Butterfly Gandhimati were up 1.8 percent at Rs 1,307.50 on the National Stock Exchange, while those of Crompton Greaves Consumer were lower by 0.4 percent at Rs 389.70.
