Avantha Holdings has picked up 11.50 million shares of Crompton Greaves for a little over Rs 211 crore through open market route. Avantha Holdings has bought 71,90,750 shares of Crompton Greaves on BSE while it bought 43,14,712 scrips of the company on National Stock Exchange. The shares were acquired at an average price of Rs.184 valuing the transaction at Rs 211.41 crore. These shares were bought from promoter group firms Corella Investments and Lustre International.
Last month, Avantha Holdings had offloaded 8.3% stake in Cromptom Greaves for over Rs.1,000 crore to lower debt. Following the transaction, Cromptom Greaves shares plummeted by more than 6% on the bourses. After the sale, Avantha Holdings’ stake in the company was down to 32.54% from 40.84%.
Crompton Greaves is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers.
