Crompton Greaves Consumer Electricals Limited (NSEI:CROMPTON) entered into a scheme of arrangement to acquire the remaining 19% stake in Butterfly Gandhimathi Appliances Limited (BSE:517421) on March 25, 2023. Upon Merger, the public shareholders of Butterfly as of the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them in Butterfly. The scheme is subject to the necessary statutory and regulatory approvals including the approval of the stock exchanges, SEBI, the respective shareholders and creditors of each of the companies, and NCLT (Mumbai and Chennai benches). The transaction is expected to close within the next 12-14 months. Kotak Mahindra Capital Company Limited acted as financial advisor and fairness opinion provider to Crompton Greaves. SBI Capital Markets Limited acted as a fairness opinion provider to Butterfly. Khaitan & Co acted as legal advisor. Ernst & Young Merchant Banking Services Private Limited and PricewaterhouseCoopers Business Consulting Services LLP, the independent valuers appointed by Crompton and Butterfly respectively.

Crompton Greaves Consumer Electricals Limited (NSEI:CROMPTON) cancelled the acquisition of 19% stake in Butterfly Gandhimathi Appliances Limited (BSE:517421) on October 28, 2023.