Havells shares surge 8% at close; mcap rises by Rs 1,422 cr

Shares of consumer electricals firm Havells India today ended with 8 per cent gains after it announced divestment of majority stake in European lightings operations Sylvania to Shanghai Feilo Acoustics for nearly 148.8 million euros (about Rs 1,090 crore).
The stock settled at Rs 305.35, up 8.05 per cent on BSE. During the day, it surged 10.22 per cent to Rs 311.50.
At NSE, shares of the company soared 7.75 per cent to Rs 305.
The company added Rs 1,421.79 crore to Rs 19,071.79 crore in market valuation.
In terms of volume, 19.43 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.

In 2007, Havells had acquired Frankfurt-headquartered Sylvania for USD 300 million through its Dutch subsidiary Havells Netherlands.

The company will be selling 80 per cent each in Havells Malta BV and Havells Exim Ltd, Hong Kong.
"Havells India has received an intimation from its wholly-owned subsidiary Havells Holdings, that it proposes to enter into definitive agreement with Shanghai Feilo Acoustics Co to divest 80 per cent stake in Havells Sylvania Malta BV, subject to shareholders and related approvals", the company said in regulatory filing.
Havells India also proposed to divest 80 per cent stake in its wholly-owned subsidiary Havells Exim Ltd, Hong Kong.