Advent International, Temasek sell Crompton Greaves stake worth $177m

Crompton Greaves has been looking to sell a few of its assets to repay debt. Its consolidated debt stood at Rs2,743.83 crore as on 31 March. Photo: Prajakta Patil/Mint

Private equity firm Advent International and Singapore’s state investment arm Temasek on Tuesday sold shares worth ₹1,275 crore in consumer durables maker Crompton Greaves Consumer Electrical.

According to data from stock exchanges, Advent sold 32.29 million shares while Temasek sold 18.85 million shares, which were all sold at a price of ₹249.2 apiece.

The share sale represents about 8.15% shareholding these investors held in the company. Before the sale, the two held a 34.36% stake in Crompton Greaves.

Advent International and Temasek had acquired the Crompton stake in 2015 paying around ₹2,000 crore. The stake was bought from Avantha Holdings Ltd, the holding company of Crompton Greaves Consumer Electricals.

Shares were bought by several institutional investors such as HDFC Life Insurance Co. Ltd, Norges Bank, SBI Mutual Fund, funds managed by Fidelity and a few other investors, data shows.

On Tuesday, shares of Crompton Greaves closed at ₹246.20 apiece, down 2.19% on the BSE, while the benchmark Sensex closed at 40,675.45 points, down 0.31%.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.