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Crompton Greaves surges on buzz of raising Rs 650 crore through bond sales

20 Jul 2016 Evaluate

Crompton Greaves is currently trading at Rs. 72.25, up by 1.05 points or 1.47% from its previous closing of Rs. 71.20 on the BSE.

The scrip opened at Rs. 71.75 and has touched a high and low of Rs. 72.75 and Rs. 71.55 respectively. So far 210743 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 76.80 on 16-Jun-2016 and a 52 week low of Rs. 32.16 on 12-feb-2016.

Last one week high and low of the scrip stood at Rs. 73.55 and Rs. 69.15 respectively. The current market cap of the company is Rs. 4512.57 crore.

The promoters holding in the company stood at 34.42%, while Institutions and Non-Institutions held 51.33% and 14.24% respectively.

Avantha Group Company Crompton Greaves (CG) has reportedly raised Rs 650 crore through its maiden bond sales. The AA-rated bonds offered an interest rate of 8.95 percent with a five-year maturity. The proceeds of the issue will be used for capital expansion, and refinancing its existing debt.

Axis Bank and IDFC Bank were the investment bankers to the deal. Leading mutual fund houses including UTI MF and DSP Blackrock MF have invested in these securities. Crompton Greaves is an Indian multinational company engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution based in Mumbai.

 

 

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