Follow real-time updates on Union Budget 2023Catch exclusive videos on Union Budget 2023 from CNBC-TV18
Crompton Greaves Consumer Electricals will acquire up to 55 percent stake in Butterfly Gandhimathi Appliances at Rs 1,403 per equity share, aggregating up to Rs 1,379.68 crore.
Crompton Greaves Consumer Electricals Ltd has announced the acquisition of controlling stake in Butterfly Gandhimathi Appliances Ltd. The company will acquire up to 55 percent stake in Butterfly Gandhimathi Appliances at Rs 1,403 per equity share, aggregating up to Rs 1,379.68 crore, the company said in a press release.
Recommended ArticlesView All
World Cancer Day 2023: Early detection is crucial for reducing the global burden
Feb 4, 2023 IST5 Min(s) Read
World Cancer Day 2023: A way forward to better management of cancer this year!
Feb 4, 2023 IST6 Min(s) Read
Pakistan economy at alarming level as foreign reserves drop to $3.1 billion from $16.6 billion in a year
Feb 3, 2023 IST3 Min(s) Read
FM Nirmala Sitharaman speaks on inflation, taxes, GDP and more. Read the full interview here
Feb 3, 2023 IST37 Min(s) Read
It will also acquire certain Butterfly trademarks in allied and cognate classes from promoter group entities for a consideration of Rs 30.38 crore, it added.
The company will launch mandatory open offer to Butterfly’s public shareholders for acquiring up to 26 percent stake in the latter at Rs 1,433.9 per equity share.
"Crompton will launch the mandatory open offer to the public shareholders of Butterfly, for acquiring up to 26% stake in Butterfly at a price of INR 1,433.90 per equity share, aggregating up to INR 666.57 cr; for an aggregate total consideration of up to INR 2,076.63 cr," said Crompton.
CNBC-TV18 had earlier reported on Crompton's plans to buy over 50 percent stake in Butterfly, a large deal in the consumer appliances space.
Butterfly is amongst the top three pan-India kitchen and small domestic appliances players. Its leading kitchen and small domestic appliances portfolio includes mixer grinders, table top wet grinders, pressure cookers, stainless steel vacuum flasks, LPG stoves and non-stick cookware.
In FY 21, Butterfly reported revenues of Rs 870 crore, with EBITDA of Rs 80 crore. In the current financial year, till December, Butterfly reported revenues of Rs 806 crore -- yoy growth of 22 percent -- and EBIIDA of Rs 75 crore.