Crompton Greaves’ proposal to buy Kenstar boosts scrip
DSIJ Intelligence / 09 Aug 2017
Crompton Greaves Consumer Electricals (CGEL) has offered to pay nearly Rs 1,440 crore to buy Kenstar from Videocon Group, reported a leading business daily.
Crompton Greaves Consumer Electricals (CGEL) has offered to pay nearly Rs 1,440 crore to buy Kenstar from Videocon Group, reported a leading business daily. The deal is subject to a ‘sustainable sales guarantee’ clause that private equity-backed CGEL wants to include in the final agreement.
“This clause ensures that the sales numbers of Kenstar quoted by Videocon do not deviate drastically in the near future from what has been stated. The transaction will be a leveraged buyout,” the daily added. Kenstar, a part of the Dhoot family-controlled Videocon Group makes a range of kitchen and home appliances such as air-conditioners, air-coolers, mixer-grinders, and electric kettles.
Meanwhile, the stock traded in the positive territory, gaining 0.58% at Rs 216.45 per share at 1252 hours. The stock on the BSE attracted a total traded quantity of 0.11 lakhs.
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