Lloyd Electric's scrip plunges, a day after deal with Havells India

Scrip of Lloyd Electric and Engineering on Monday plunged by 16.75 per cent, a day after it announced a deal to sell its consumer durable business to Havells India.

The company's scrip at the BSE slumped by 16.75 per cent or Rs 54.90 to Rs 272.95 per equity share from its previous close of Rs 327.85.

Similarly, the scrip of Havells India edged-lower by 2.66 per cent or Rs 11.35 to Rs 414.55 per equity share from its previous close of Rs 425.90.

On Sunday, Havells India had said that its board approved the acquisition of Lloyd Consumer Durable Business Division (Lloyd Consumer).

"This acquisition, when completed, will mark Havells' foray into consumer durables industry," the company said in a statement.

"The acquisition is proposed to be executed at an enterprise value of Rs 1,600 crores on a debt free, cash free basis subject to closing adjustments."

"The company has signed an agreement with Lloyd Electrical and Engineering and Fedders Lloyd Corporation for acquiring Lloyd brand and the consumer durable business that is engaged in sourcing, assembling, marketing and distribution of consumer durables including air-conditioners, TVs, washing machines and other household appliances."

--IANS

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