Advent exits Crompton, sells 5.4% stake

Private equity firm Advent International Corp. on Wednesday divested its entire 5.36% stake in Crompton Greaves Consumer Electricals for a little over ₹1,348 crore through several open market transact

Private equity firm Advent International Corp. on Wednesday divested its entire 5.36% stake in Crompton Greaves Consumer Electricals for a little over ₹1,348 crore through several open market transactions. The shares were lapped up by more than a dozen entities, including foreign investors, domestic mutual funds and insurance companies. According to block deal data available with the BSE, Advent International Corp’s Amalfiaco Ltd. sold a 3,36,67,802 shares, amounting to a 5.36% stake of Crompton. The shares were offloaded on an average price of ₹400.4 apiece. Prior to this, Amalfiaco had divested 3.8 crore shares of Crompton for over ₹1,492 crore in February 2021.