Crompton Greaves Consumer Electricals Ltd (CGCEL), the demerged arm of Crompton Greaves (CRG), got listed on the stock exchanges on Friday after receiving requisite approvals. The newly-listed stock closed at Rs 135.45, up 5% from its opening.
The demerger, which became effective in October 2015, resulted in CGCEL emerging as a pure electrical products company. Following the demerger, private equity group Advent and Temasek are the new promoters.
Advent International and Temasek on Friday launched Rs 1,695-crore open offer to acquire 26% stake in CGCEL to become majority shareholders, according to PTI.
Shantanu Khosla, managing director of CGCEL, in a press release said, “We are delighted at announcing the listing of our company which also completes the demerger process. Now, the focus of CGCEL will be to build on this strong foundation and create strong value for all our stakeholders by driving growth.”
CGCEL is one of India’s leading manufacturers of fans and residential pumps, among other products. It makes and markets fans, lamps, luminaries, pumps, household appliances such as water heaters, mixer grinders, toasters, etc.