Crompton Greaves Consumer surges 4% on development over Kenstar deal

NEW DELHI: Shares of Advent International and Temasek-backed Crompton Greaves Consumer Electricals surged 4 per cent after the company competed final leg of the race to acquire home appliances brand Kenstar.

Following the report, the stock rose 3.85 per cent to end the session at Rs 224 on BSE.

The company and and PE fund Everstone Capital have submitted binding offers and are in negotiations with the Dhoot’s of Videocon to enter into exclusive talks.

While Crompton Greaves has bid at Rs 1,400 crore, Everstone Capital has offered Rs 1,300 crore for the company, three people with direct knowledge of the deal told ET.

“Crompton Greaves Consumer Electricals is the frontrunner,” said one of the persons with direct knowledge of the development. The deal that has been running for a year now has seen many suitors such as Orient Electric, Symphony, Havells, Voltas among others.