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.