SBI Mutual Fund and Amundi have picked up key stakes in the Rs 1,275-crore block deal executed by private equity (PE) players Advent and Temasek on Tuesday in Cromption Greaves (CG) Consumer. While SBI Mutual Fund acquired a 4.8 per cent stake for Rs 750 crore, Amundi India picked up 1.44 per cent for Rs 225 crore.
Advent International's Amalfiaco and Temasek's MacRitchie Investments, both promoter entities, offloaded 5.15 per cent and 3.01 per cent respectively of their stakes in the firm.
For the quarter ended September 30, Amalfiaco and MacRitchie held 22.33 per cent and 12.03 per cent in CG Consumer, earlier part of the Gautam Thapar-led Avantha group.
In April, 2015, Avantha Group had agreed to sell its entire holding of 34.36 per cent in the demerged consumer products business of Crompton Greaves to private equity players Advent and Temasek for Rs 2,000 crore. CG Consumer makes consumer durable and electrical products including fans, appliances and luminaires. Nearly 51 million shares exchanged hands on Tuesday in the block deal with the floor price being Rs 249.2 per share, above CG Consumer's current market price of Rs 246.2 per share.
Apart from SBI Mutual and Amundi, some other investors in the block deal included Citigroup, Fidelity, Morgan Stanley Asia and Societe Generale.