Crompton Greaves Consumer spikes by 3%

India Infoline News Service | Mumbai | October 06, 2017 10:34 IST

Crompton Greaves Consumer share prices rise by 3% following the news of final talks of acquisition of Kenstar

Crompton Greaves surged by 3% to hit a high of Rs 222.15 in the morning hours of Friday. The spike came as a response to the news of CGC in final step to acquire leading home appliances maker Kenstar.

Crompton Greaves and PE fund Everstone Capital have submitted bidding offers, followed by negotiation talks. In the competition to acquire stakes, the Company has offered Rs 1400 crore while Everstone Capital offered Rs 1300 Crore. The talks of acquisition have been going on for almost a year, and have seen proposals from suitors such as Orient Electric, Symphony, Havells, and Voltas among others. 

Crompton Greaves Consumer Electrical Ltd is currently trading at Rs 221.6, up by Rs 5.9 or 2.74% from its previous closing of Rs 215.7 on the BSE. The scrip opened at Rs 218.5 and has touched a high and low of Rs 222.15 and Rs 218.5 respectively. Last one week high and low of the scrip stood at Rs 220 and Rs 207.35 respectively. The stock is currently trading above its 100 DMA.


***Note: This is a NSE Chart

 

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