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Crompton Greaves Consumer swoops on Butterfly Gandhimathi Appliances

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3 years ago

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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.

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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.

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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

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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