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Last Updated : Dec 03, 2019 02:44 PM IST | Source: Moneycontrol.com

PE majors Advent, Temasek may sell 26% stake in CG Consumer Electricals

The sale would be worth around Rs 1,328 crore giving the investors a three-fold return on their four-year-old investment

 
 
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US private equity firm Advent International and Singapore's state-owned investment company Temasek Holdings are looking to sell about 5.54 crore shares in Crompton Greaves Consumer Electricals (CGCEL) on December 3, reports The Economic Times.

Of the 34.36 percent stake in CG Consumer held together by the two global investors, they might dilute around 26 percent via the block deal, the report stated. The sale would be worth around Rs 1,328 crore ($185 million), giving the investors a three-fold return on their four-year-old investment.

A floor price of Rs 240 per share has been reportedly fixed by Advent and Temasek, with a formal sale process being undertaken by the Citigroup.

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The two PE investors had launched an open offer worth Rs 1,695 crore in 2016 to acquire a 26 percent stake in the then newly-listed CG Consumer Electricals. With the purchase, they emerged majority shareholders in the firm. Shares were acquired through Advent International Corp's Amalfiaco and Temasek's MacRitchie Investments Pte.

CGCEL's consumer products range from fans and lamps to pumps and household appliances such as water heaters, mixer grinders, toasters, irons and electric lanterns.

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First Published on Dec 3, 2019 02:44 pm
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