Business
Crompton Greaves Consumer swoops on Butterfly Gandhimathi Appliances
Crompton Greaves Consumer announced that it had signed a definitive agreement on February 22 to acquire up to a 55% stake in Butterfly Gandhimathi Appliances for Rs 1,379.68 crore, as the consumer electronics company seeks to increase its stake in small home appliances.
The company will complete the transaction at Rs 1,403.00 per share and will also buy certain Butterfly brands from Promoter Group for Rs 30.38 crore.
In addition, Crompton will also take a mandatory public offer at Rs 1,433.90 per share for a 26% stake in the company, which manufactures, markets and distributes kitchen and small appliances. This puts the open offer at Rs 666.57 crore.
The total transaction, comprising a 55% interest, public offering and trademark valued at Rs 2,076.63 crore, is expected to be funded through a combination of internal reserves and debt.
This comes after Moneycontrol first reported that Crompton was preparing to raid the company.
Crompton said the acquisition is a transformative step towards its long-term strategic goal of becoming a leading pan-India small appliance company. As one of the few integrated manufacturers in the space, Butterfly offers instantly expanding kitchen appliances with its diverse product portfolio, he added.
Shantanu Khosla, Managing Director of Crompton, said: “Crompton has set out a roadmap to ‘expand its core product portfolio’ in its long-term strategic plan. A key step in this roadmap is to strengthen the small appliance category. Butterfly, a more than five-year-old company has grown into a strong brand in South India. Butterfly’s proven distribution and branding strategy will lay the foundation for a stronger small appliance business led by mixers. This creates a platform for the complete kitchen game that can be integrated with any Families build stronger bonds.”
VM Lakshminarayanan, Chairman of Butterfly, said: “This move provides an opportunity for the Butterfly brand to have a strong presence in India.
In an interview with CNBC-TV18, Butterfly executive director VM Seshadri said he was satisfied with Crompton’s proposal, adding: “After the transaction closes, the current promoter will be declassified as the promoter and will no longer be a board member.” less than 10% and has a non-compete agreement with Crompton.
Kotak Investment Banking acted as financial advisor and manager of Crompton’s public offering, and Khaitan & Co acted as legal advisor to Crompton.
Complete News Source : Money Control
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
Group Media Publications
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
Train smarter, not harder: How taking occasional breaks from gym can revolutionise your fitness routine
HBO defends JK Rowling’s involvement in Harry Potter series despite problematic stance on transgender community
Allu Arjun sends ‘pokey kisses’ to daughter Arha on her 8th birthday, goes kayaking, cuts cake
.jpg "Post Kanguva debacle, Tamil Nadu producers demand ban of YouTube channels from theatres")
Post Kanguva debacle, Tamil Nadu producers demand ban of YouTube channels from theatres
Chinmayi Sripaada calls out absence of Sai Pallavi, Dhee from success posters of Amaran, Rowdy Baby
I’m A Celebrity star Tulisa reveals she is demisexual, says the thought of dating ‘makes me feel physically sick’
Delhi Weather and AQI Today: Warm start at 12.05 °C, check weather forecast for November 21, 2024
Sonakshi takes saiyyan Zaheer to bhaiya Kapil Sharma’s show; Shatrughan Sinha joins them as ‘bhola bhala aadmi’
Who is Harun Abdul-Malik Yener? Florida man arrested over bomb threat to New York Stock Exchange
.jpg "SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad")
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT
Who is Harun Abdul-Malik Yener? Florida man arrested over bomb threat to New York Stock Exchange
Sara Tendulkar brings firecracker energy to gorgeous festive look in mirror-work sharara set: Pics
Chhath Puja 2024 Day 3: Check shubh muhurat, vidhi, significance of Sandhya Puja
Jimmy Kimmel gets teary-eyed during monologue on US election results: ‘Bad night for everyone who voted for him’
Kamal Haasan writes note for fans, asks them to stop calling him Ulaganayagan; offers these options instead
Delhi Weather and AQI Today: Warm start at 21.05 °C, check weather forecast for November 7, 2024
Azaad teaser: Ajay Devgn teams up with Aaman Devgan, Rasha Thadani for Tarzan: Wonder Car sequel… but with a horse
The anime Tokyo Revengers is back with a sequel: view the promotional trailer
Deadpool and Wolverine might shatter box office records, which would be unprecedented for an R-rated film.
Review of Bridgerton Season 3 Part 2: Nicola Coughlan excels in the most intricate and captivating season to date
Kartik Aaryan Gives a Career-Defining Performance in Chandu Champion First Review; An Excellent Biopic
Watch the trailer for Kota Factory 3 here. Fans of Jeetu Bhaiya say they’re not ready for it to end.
Kartik Aaryan on overcoming the label of “outsider”: It will remain with me, and that is alright with me.
When Does Vishwak Sen’s Film Gangs of Godavari OTT Come Out? What Platform Does It Come Out On?
Review of Gullak 4: A lovely, sentimental, and somewhat mature reunion of the Mishra family
Heli Daruwala discussing her role as Geet in Undekhi 3.
-
india1 month ago‘My support will be with new J&K govt’: L-G Manoj Sinha ahead of Omar Abdullah’s oath-taking ceremony
-
.jpg "New BJP government to take oath in Haryana on Oct 17, PM Modi to attend")
Politics1 month agoNew BJP government to take oath in Haryana on Oct 17, PM Modi to attend
-
Sports1 month agoScore for the third day of the first test between India and New Zealand: Ravindra-Southee crushes IND, NZ leads by 299 at lunch
-
TV1 month agoPrince Narula and Yuvika Chaudhary share first pic with newborn daughter from hospital. See post
-
In News2 weeks ago
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
-
Business2 weeks ago
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT
-
Entertainment.1 month agoMassive data breach at Game Freak studios reveals shocking new dark Pokemon movie plot
-
World News1 day ago
Who is Harun Abdul-Malik Yener? Florida man arrested over bomb threat to New York Stock Exchange