Recently the news has come on the internet that the public shareholders of home devices simulates Butterfly Gandhimathi Appliances Ltd, on Tuesday denied a plan to merge the firm with its promoter company, Crompton Greaves Consumer Electricals Ltd. Butterfly Gandhimathi is a small-cap home electronic and appliances firm. With a market capitalization of Rs 2027.54 crore. the firm has been engaged in fabricating kitchens as well as other domestic appliances including LPG stoves, LPG stoves, and mixer grinders. Here we have more information about the news and we will share it with you in this article, so let’s continue the article.
The public objection pushed shares of Butterfly Gandhimathi by 7% before they shut at ₹1085.4 apiece on the NSE. Crompton Greaves shares too closed marginally lower at 282 apiece. Despite maintaining a 75 percent stake in Butterfly Gandhimathi, the promoter Crompton Greaves, failed to ensure public investors’ approval for its suggested merger with the firm. This has been 72.61% of non-promoters voted against the merger. Currently, this news has been making headlines as lots of people search for the news on the internet. Scroll down to the next page for more information about the news.
As per the deal filing, 97% of non-institutional public shareholders voted against the union, even though the merger got full backing from the promoter group company. The full stake in the promoter group company Crompton Greaves Consumer Electricals is maintained by public shareholders. Institutional shareholders have 35.43%, with the most extensive shareholder being the Mirae Asset Tax Saver Fund (8.5%). Other significant shareholders include HDFC Mutual Fund (6.10%), Nippon Life India Trustee Ltd-A/c Nippon India Tax (3.31%) and UTI Nifty Midcap 150 ET (3.52%). You are on the right page for more information about the news, so please read the complete article.
As far as we know, Retail shareholders hold the remaining 64.57% of the shares, with resident people keeping nominal share capital over 2 lakhs holding nominal share capital in more than 2 lakh holding 1.58%.On 25 March 2023, the firm’s board approved a scheme of amalgamation of Butterfly Gandhimathi Appliances with Crompton Greaves Consumer Electricals Ltd.Both companies have underperformed the Nifty 50 in the previous year with returns of -34.4% and -22.16% respectively, compared to the Nifty 50’s return of 5.9%. Butterfly Gandhimathi is a very big and well-known company. Here we have shared all the information that we had if we get any information then we will update you as soon as possible. Stay tuned to us for more updates.