Crompton Greaves climbs 7% after company approves stake sale in subsidiary Butterfly Gandhimathi

The executive committee of directors of the company, at its meeting held on September 19, approved the sale of up to 10,72,775 equity shares of the face value of Rs 10 each of

Appliances, a material subsidiary of the company, representing up to 6 per cent of its total issued and paid-up equity share capital through an offer for sale stock exchange mechanism, the company said in a BSE filing.

The OFS will be executed on September 20-21, 2022, with a floor price of Rs 1,370 per share.

At 12:43 pm, the scrip was trading 6 per cent higher at Rs 416.45 over the last day’s closing price of Rs 392.85 a piece. The stock has risen nearly 24 per cent in the last three months but has fallen nearly 15 per cent in the last year.

The shares of Butterfly Gandhimathi were trading 1.31 per cent higher at Rs 1,520 over the previous day’s closing price of Rs 1,500.40. The scrip has zoomed nearly 850 per cent in the last three years, while it has risen about 40 per cent in the last three months.

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