Crompton Greaves Consumer Electricals has signed definitive agreements to acquire upto 55 percent stake of Butterfly Gandhimathi Appliances at Rs 1,403 per equity share, aggregating upto Rs 1,379.68 crore.
“Crompton will launch the mandatory open offer to the public shareholders of Butterfly, for acquiring upto 26 percent stake in Butterfly at a price of Rs 1,433.9 per equity share, aggregating upto Rs 666.57 crore; for an aggregate total consideration of upto Rs 2,076.63 crore," the company announced in an exchange filing today.
Crompton Greaves Consumer will also acquire certain Butterfly trademarks in "allied and cognate classes from promoter group entities for a consideration of Rs 30.38 crore."
