PE firm Advent pares holding in CG Consumer, sold 6% stake in two tranches

Raises Rs 1,492 crore from deal; Societe Generale picks up 0.62% for Rs 153 crore, identity of other buyers not known

US private equity Advent International has pared its holding further in Crompton Greaves Consumer Electricals. According to bulk deal data, Advent-owned Amalfiaco sold 6.06 per cent stake in CG Consumer in two equal tranches at Rs 392 per share and Rs 393 per share. This resulted in raising of Rs 1,492 crore from the transaction. Alongside, Societe Generale has picked up 0.62 per cent stake for Rs 153 crore. Meanwhile, identity of other buyers could not be ascertained. Investment banker said mutual funds and foreign portfolio investors were also among the buyers. 

 

Today, shares of CG Consumer ended at Rs 407 per share on BSE, down 0.45 percent from previous close.

In 2015, Advent had teamed up Singapore-based Temasek to acquire 34.37 per cent stake in CG Consumer from Gautam Thapar and his family. They had reportedly acquired the stake at Rs 105 per share.

In 2019, they had sold 8.2 per cent stake in the company at an average price of Rs 249.2 per share.

At the end of December 2020 quarter, Advent held about 17.4 per cent stake in the company.