Advent International, Temasek Holdings sell Crompton Greaves shares worth Rs 1,275 cr

New Delhi, Dec 3 () Private equity firms Advent International Corp and Temasek Holdings on Tuesday together divested stake worth Rs 1,275 crore in Crompton Greaves Consumer Electricals.

The shares were offloaded through Advent International Corp's Amalfiaco and Temasek's MacRitchie Investments Pte Ltd via multiple open market transactions.

As per the block deal data on the BSE, the equity firms sold a total of 5,11,62,327 shares, representing 8.16 per cent stake in the company, at an average price of Rs 249.2 apiece, taking the total deal value to Rs 1,274.9 crore.

Amalfiaco and MacRitchie, which together held 34.36 per cent stake in the company as per the shareholding data at the end of September 2019, sold around 24 per cent of their holding in the company.

The shares were picked up at the same price by a host of fund houses and insurance companies, including SBI Mutual Fund, Fidelity India Fund, HDFC Standard Life Insurance Co Ltd and Morgan Stanley Asia Singapore Pte, among others, the data showed.

In April 2015, Gautam Thapar's Avantha Group sold its entire holding of 34.37 per cent in the demerged consumer products business of Crompton Greaves to Advent International and Temasek for Rs 2,000 crore.

Shares of Crompton Greaves on Tuesday ended at Rs 246.2 on the BSE, 2.19 per cent lower than the previous close. SRS RVK