CROMPTON GREAVES LTD. - Updates on Scheme of Arrangement

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CROMPTON GREAVES LTD. - Updates on Scheme of Arrangement

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30 Jun 2015
Crompton Greaves Ltd has informed BSE that CG has announced a Scheme of Arrangement for vertical demerger of Consumer Products Business Unit of CG into its wholly owned subsidiary Crompton Greaves Consumer Electricals Limited (CGCEL) for separation of the two principal businesses of the Company.<BR><BR>Under the Proposed Scheme, CGCEL shall allot its fully paid equity shares to the shareholders of CG in the same proportion of their shareholding in CG. Accordingly, we will receive approx. 34.37% of the paid up capital of CGCEL.<BR><BR>This is with reference to our letter dated April 23, 2015 wherein the Company has informed that they propose to divest their entire proposed shareholding in CGCEL amounting to 34.37% of the total issued and paid up share capital of CGCEL ("Sale Shares"), to one or more special purpose vehicle/ subsidiary companies of Advent International Corporation, USA and Temasek Holdings (Private) Limited for an aggregate consideration of Rs. 2000 crores ("Proposed Transaction"), subject to receipt of necessary regulatory approvals, including approvals from the Reserve Bank of India and Competition Commission of India, as per the terms and conditions agreed in the definitive agreements. This is to further inform you that the following regulatory approvals required for the Proposed Transaction have been obtained by the parties thereto (i) approval from the Competition Commission of India dated June 17, 2015; and (ii) approval from the Reserve Bank of India dated June 26, 2015.
View all announcements for CROMPTON GREAVES LTD.	Source: BSE India

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