CGCEL promoter entities pledge additional 4.48% shares

Crompton Greaves Consumer Electrical Ltd's (CGCEL) promoter group entities -- Amalfiaco Ltd and MacRitchie Investments Ltd -- have pledged additional 4.48 per cent shares in the company.
"The disclosure is being filed with respect to an additional pledge on 2,80,57,000 equity shares of the company amounting to 4.48 per cent of the share capital...Created in favour of IDBI Trusteeship Services Ltd as the security trustee of Amalfiaco Ltd and MacRitchie Investments Ltd," CGCEL said in a BSE filing.
It further said, "Of these additional pledged shares, 60,00,000 equity shares amounting to 0.96 per cent of the share capital were pledged on June 15 and 3,40,000 equity shares amounting to 0.54 per cent were pledged on June 16 and the balance 1,86,50,000 equity shares amounting to 2.98 per cent were pledged on June 21".

Amalfiaco and MacRitchie Investments Pte Ltd are part of private equity investors Advent International Corp. And Temasek Holdings Pvt. Ltd respectively which acquired majority stake in Crompton Greaves Consumer Electrical Ltd from Avantha Group last year and were listed on stock exchanges last month.
"Prior to listing of CGCEL on May 13, 2016, 13,41,52,405 equity shares amounting to 21.40 per cent equity shares were pledged in favour of IDBI Trusteeship Services Ltd as the security trustee of Amalfiaco Ltd and MacRitchie Investments Ltd." it said.
In April last year, Avantha Group sold its entire holding of 34.37 per cent in the demerged consumer products business of Crompton Greaves to private equity investors Advent International and Temasek for Rs 2,000 crore.

CGCEL's consumer products ranges from fans and lamps to pumps and household appliances such as water heaters, mixer grinders, toasters, irons and electric lanterns.