Board of Directors of Crompton Greaves Consumer Electricals Limited & its listed subsidiary Butterfly Gandhimathi Appliances Limited at their respective meeting held on March 25, 2023, have considered and approved the Scheme of Amalgamation of the Butterfly Gandhimathi Appliances Limited with Crompton Greaves Consumer Electricals Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 read with rules made thereunder ("Scheme").
Crompton Greaves Consumer Electricals Limited ("Transferee Company" or "Crompton") is engaged in the business of manufacturing, trading, selling and distribution of fans, lighting, pumps and appliances. The equity shares of the Transferee Company are listed on the nationwide stock exchanges. The nonconvertible debentures of the Transferee Company are listed on the debt segment of the National Stock Exchange of India Limited. Crompton holds 75% of the total issued and paid-up equity share capital of Gandhimathi.
Butterfly Gandhimathi Appliances Limited ("Transferor Company" or "Butterfly") is involved in manufacturing and trading of a wide range of domestic kitchen and electrical appliances under the brand 'BUTTERFLY.' The equity shares of Gandhimathi are listed on nationwide stock exchanges.
Acquisition of Butterfly by Crompton:
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