Advent International and Temasek, the private equity investors have launched Rs 1,695 crore open offer for acquiring 26 percent stake in Crompton Greaves Consumer Electricals (CGCEL) for becoming majority shareholders.

Cromptom Greaves has said in a BSE filing that the open offer is to acquire “up to 162,953,997 equity shares constituting 26 percent of the total share capital of the target company.”

It further said that “the open offer is made at a price of Rs 104 per offer share, the total consideration payable by the acquirer.. will be Rs 1,694.72 crore.”

Advent International Corporation’s Amalfiaco and Temasek Holdings (Private) Ltd’s MacRitchie Investments Pte Ltd will be acquiring the shares.

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