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Home >Companies >News >Advent International exits Crompton Greaves; sells 5.36% stake for Rs1,348 crore

PE firm Advent International Corp’s on Wednesday exited Crompton Greaves Consumer Electricals Ltd, selling its 5.36% in for 1348 crore in block deals on the stock exchange.

According to bulk deal data on BSE, Amalfiaco Ltd, an Advent entity, sold 33.67 million shares or 5.36% of CG Consumer for 400.4 apiece aggregating to 1348.06 crore.

As per the latest shareholding pattern, Amalfiaco Ltd held 5.36% in the firm.

SBI Mutual Fund, and Ashoka India Opportunities Fund were among the buyers, picking up 2.55% stake in Crompton Greaves for 641.07 crore.

Advent has been selling down its stake in the company for a while now.

Earlier in February, Amalfiaco sold 6.06% in CG Consumer for 1492 crore through an open market transaction, while in November 2020, Amalfiaco and Temasek’s MacRitchie Investments Pte Ltd sold 8.77% and in CG Consumer for 1631 crore in an open market transaction.

In Dec 2019, Amalfiaco and Temasek’s MacRitchie Investments Pte sold 5.12 crore shares of Crompton Greaves Consumer Electricals through block deals.

From the beginning of the year, CG Consumer gained 12% against a rise of 9% in the benchmark index, Sensex.

CG Consumer Electricals Ltd consolidated net profit more than doubled to 249.08 crore for the quarter ended 31 March 2021 against 102.10 crore for the same quarter last year. Revenue from operations rose 48.3% to 1,522.05 crore during the March quarter over 1,026.34 crore in the corresponding period of the previous fiscal.

Shares of CG Consumer Electrical lost 5.11% to close at 425.05, while the benchmark index, Sensex lost 0.64% to close at 51,941.64 points on Wednesday on BSE.

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