Butterfly Gandhimathi Appliances OFS opens for non-retail investors

The floor price for the OFS is set at Rs 1,370 per equity share, a 8.67% discount to Butterfly Gandhimathi's closing price of Rs 1,500.40 on Monday, 19 September 2022.

Through the offer for sale (OFS), Crompton Greaves Consumer Electricals, the company's promoter, proposes to sell up to 10,72,775 equity shares of Butterfly Gandhimathi, (representing six percent of the total paid-up equity share capital of the company).

As on 30 June 2022, Crompton Greaves Consumer Electricals held 1,44,82,438 shares or 81% stake in Butterfly Gandhimathi Appliances.

The OFS opened on Tuesday (20 September 2022) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Wednesday (21 September 2022). The company has reserved 10% of the offer for retail investors.

As of 11:55 IST, the OFS received subscription for 68,435 shares. It was subscribed 7.09% on the non-retail total offer size of 9,65,497 shares.

Butterfly Gandhimathi Appliances is a manufacturer/marketer of domestic kitchen and domestic electrical appliances under the 'BUTTERFLY' brand.

The company's net profit soared to Rs 13.24 crore in Q1 FY23 compared with Rs 0.95 crore in Q1 FY22. Revenue from operations during the quarter rose by 85.68% year on year (YoY) to Rs 253.49 crore.

Shares of Butterfly Gandhimathi advanced 1.60% to Rs 1524.40 while those of Crompton Greaves Consumer Electricals jumped 4.37% to Rs 410 on the BSE.

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