Butterfly Gandhimathi public shareholders reject merger plan with Crompton
Merger plan turned down despite possibility of 7% premium; shares of Crompton Greaves Consumer Electricals trade 0.41% down
Merger plan turned down despite possibility of 7% premium; shares of Crompton Greaves Consumer Electricals trade 0.41% down
The brokerage firm has maintained a ‘Buy’ rating for the company, with a revised target price of ₹325.
The board of the household appliances maker appointed Promeet Ghosh as the managing director and CEO for a period of five years.
Following the merger, Butterfly's minority shareholders will hold 3% stake in Crompton.
The consumer durables company signed agreements with kitchen appliance maker Butterfly Gandhimathi to acquire up to 55% stake.