Crompton Greaves Consumer Electricals (Crompton) has signed definitive agreements on February 22, 2022 with certain members of the promoter group of Butterfly Gandhimathi Appliances (Butterfly) to acquire upto 55% stake at Rs 1,403.00 per equity share, aggregating upto Rs 1,379.68 crore, and certain Butterfly trademarks in allied and cognate classes from promoter group entities (Trademarks) for a consideration of Rs 30.38 crore.
The company will launch the mandatory open offer to the public shareholders of Butterfly, for acquiring upto 26% stake in Butterfly at a price of Rs 1,433.90 per equity share, aggregating upto Rs 666.57 crore; for an aggregate total consideration of upto Rs 2,076.63 crore. The transaction will accelerate Crompton's long-term strategic goal of becoming a leading player in the small domestic appliances segment.
Crompton Greaves Consumer Electricals manufactures and markets a wide spectrum of consumer products ranging from fans, light sources and luminaires, pumps and household appliances, such as geysers, mixer grinders, toasters and irons.
