Exclusive| Crompton Greaves Consumer to buy majority stake in Butterfly Gandhimathi for Rs 1450 crore: Sources

In a large deal brewing in the consumer appliances space, Crompton Greaves Consumer is likely to acquire controlling stake in Butterfly Gandhimathi and the deal announcement is likely soon, sources told Moneycontrol.

CG Consumer is likely to buy over 50% stake in Butterfly Gandhimathi for Rs 1450 crore, sources said. Deal will trigger an open offer for other shareholders.

Butterfly Gandhimathi’s promoters to hold a minority stake in the company with a one year lock-in period, sources added.

Crompton Greaves Consumer did not comment on Moneycontrol’s query
Butterfly Gandhimathi Said, “We have no comments at this stage.”

According to the sources the top team of CG Consumer is in Chennai to close the transaction soon.

[This is a developing story. Please check back for more details]