Crompton Greaves slips over 5% as Avantha Holdings plans to sell 7% stake
Shares of engineering and consumer goods maker Crompton Greaves fell as much as 5.55 per cent after Avantha announced to sell its stake.
By ET Online | Updated:
NEW DELHI: Shares of engineering and consumer goods maker Crompton Greaves fell as much as 5.55 per cent in trade on Thursday, after Avantha Holdings Ltd, the holding company of billionaire Gautam Thapar announced that it plans to sell its 4.2 crore shares, or a 7% stake.
At 11:30 a.m., the stock was trading at Rs 194.70, down 4.77% or Rs 9.75 on the BSE. It hit a low of Rs 193.10 and a high of Rs 199.90 in trade today.
The stake sale is part of a proposal to reduce debt at the holding company, which earlier raised funds from two overseas private equity funds in a structured deal.
The company has appointed investment banker Goldman Sachs to carry out the sale of shares, each of which will be offered at between Rs 192 and Rs 204.
At 11:30 a.m., the stock was trading at Rs 194.70, down 4.77% or Rs 9.75 on the BSE. It hit a low of Rs 193.10 and a high of Rs 199.90 in trade today.
The stake sale is part of a proposal to reduce debt at the holding company, which earlier raised funds from two overseas private equity funds in a structured deal.
The company has appointed investment banker Goldman Sachs to carry out the sale of shares, each of which will be offered at between Rs 192 and Rs 204.
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