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Crompton Greaves Consumer swoops on Butterfly Gandhimathi Appliances

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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.

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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.”

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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

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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