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Avantha buys 1.15 cr Crompton Greaves shares for Rs 211 cr

Avantha Holdings today picked up 1.15 crore shares of Crompton Greaves for a little over Rs 211 crore through open market route…

crompton greaves stake sale
Crompton Greaves said it will sell its shareholding in its demerged consumer business to Advent International Corporation, US and Temasek Holdings. (Reuters)
Cromptom Greaves (CG) is an Avantha Group company engaged in the power sector. (Reuters)
Cromptom Greaves (CG) is an Avantha Group company engaged in the power sector. (Reuters)

Avantha Holdings today picked up 1.15 crore shares of Crompton Greaves for a little over Rs 211 crore through open market route.

Cromptom Greaves (CG) is an Avantha Group company engaged in the power sector.

Avantha Holdings purchased 71,90,750 shares of Crompton Greaves on BSE while it bought 43,14,712 scrips of the company on National Stock Exchange, as per the block deal data available with the bourses.

The shares were acquired at an average price of Rs 184 valuing the transaction at Rs 211.41 crore. These shares were bought from promoter group firms Corella Investments Ltd and Lustre International Ltd.

Last month, Avantha Holdings had offloaded 8.3 per cent stake in Cromptom Greaves for over Rs 1,000 crore to lower debt. Following the transaction, Cromptom Greaves shares plummeted by more than six per cent on the bourses.

After the sale, Avantha Holdings’ stake in the company was down to 32.54 per cent from 40.84 per cent.

The USD 4 billion Avantha Group has business interests in diverse areas, including pulp and paper, power transmission and distribution equipment and services, food processing, farm forestry, chemicals, energy, infrastructure, information technology (IT) and IT-enabled services.

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