Crompton Greaves Stocks Surge 7% on Confirming Stock Sale in Butterfly Gandhimathi

Crompton Greaves Stocks

The stocks of Crompton Greaves Consumer Electricals Ltd, on the National Stock Exchange (NSE) surged by Seven percent on Tuesday soon after the declaration from the company about its approval of the stock sale of Six percent in the subsidiary Butterfly Gandhimathi Appliances.

The company mentioned in a Bombay Stock Exchange (BSE)filing that on the 19th of September the meeting of the executive committee of the directors approved the sale of stakes up to 10,72,775 equity shares with a face value of ₹10 per share of Butterfly Gandhimathi Appliances, 5.45% in NSE, representing up to Six percent of its total issued and paid-up equity capital.

The procedure of Offer for Sale (OFS) will be carried out on 21st September 2022 at the floor price of ₹1,370/- each share. In the afternoon around 12.43 pm, the graph was trading Six percent higher at ₹416.45 per share as compared to the previous day’s closure at ₹392.85 each. However, Butterfly Gandhimathi stocks were trending 1.31 percent higher at ₹1,520 compared to the day prior closing at ₹1500.40 respectively.