{"id":263309,"date":"2022-03-08T17:30:03","date_gmt":"2022-03-08T12:00:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=263309"},"modified":"2022-03-08T14:05:02","modified_gmt":"2022-03-08T08:35:02","slug":"khaitan-co-spearheaded-and-assisted-crompton-greaves-consumer-electricals-ltd-in-acquisition-of-up-to-55-shareholding-of-butterfly-gandhimathi-appliances","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/08\/khaitan-co-spearheaded-and-assisted-crompton-greaves-consumer-electricals-ltd-in-acquisition-of-up-to-55-shareholding-of-butterfly-gandhimathi-appliances\/","title":{"rendered":"Khaitan &#038; Co spearheaded and assisted Crompton Greaves Consumer Electricals Ltd in acquisition of up to 55% shareholding of Butterfly Gandhimathi Appliances"},"content":{"rendered":"<p style=\"text-align: justify;\">Crompton Greaves Consumer Electricals Limited | Acquisition of up to 55% of the shareholding of Butterfly Gandhimathi Appliances<\/p>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"1\"><\/td>\n<td width=\"171\">\n<table style=\"height: 3495px;\" width=\"886\">\n<tbody>\n<tr>\n<td width=\"63\">\n<h4 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>NO<\/strong><\/span><\/h4>\n<\/td>\n<td width=\"266\">\n<h4 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>HEADINGS<\/strong><\/span><\/h4>\n<\/td>\n<td width=\"423\">\n<h4 style=\"text-align: center;\"><span style=\"color: #000080;\"><strong>DETAILS<\/strong><\/span><\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">1.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Sector<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">\u00a0Consumer Durables<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">2.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Announcement Date<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">22-Feb-2022 (Signing date)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">3.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Completion Date<\/p>\n<\/td>\n<td width=\"423\"><\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">4.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Name of Client<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">Crompton Greaves Consumer Electricals Limited<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">5.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Acquirer Details<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">Crompton Greaves Consumer Electricals Limited\u00a0 | India<\/p>\n<p style=\"text-align: center;\">Leading manufacturers of consumer products in India with a 90+ years old brand legacy<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">6.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Target Details<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">Butterfly Gandhimathi Appliances Limited | India<\/p>\n<p style=\"text-align: center;\">Butterfly is engaged in the business of manufacturing, marketing,<br \/>\ndistributing and supplying household appliances under the brand name of &#8220;Butterfly&#8221;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">7.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Deal Description<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">Acquisition of up to 55% of the shareholding of Butterfly Gandhimathi Appliances Limited by Crompton Greaves Consumer Electricals Limited<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">8.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Total Consideration<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">INR 2,046.25 crores comprising of secondary purchase worth INR 1379.68 crores from promoters and open offer worth INR 666.57 crores<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">9.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Team Members<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">The core team consisted of Sudhir Bassi (Executive Director), Aravind Venugopal (Partner), B N Vivek (Principal Associate) and Aarthi Sashikumar (Associate) with assistance from the following:<\/p>\n<p style=\"text-align: center;\">Carrying out the open offer process and documentation: Arindam Ghosh (Partner), Gaurav Malhotra (Principal Associate), Anvita Mishra (Senior Associate), Gaurang Mansinghka (Associate)<\/p>\n<p style=\"text-align: center;\">Real Estate aspects of the transaction: Arva Merchant (Partner), Kartik Shiv Kumar (Principal Associate), Aditya Mukerjee (Associate), Annapoorani Ganapathy (Associate)<\/p>\n<p style=\"text-align: center;\">Intellectual Property aspect of the transaction: Shailendra Bhandare (Partner), Sourav Dan (Principal Associate), Rhea Ghanshani (Associate)<\/p>\n<p style=\"text-align: center;\">Employment law aspect of the transaction: Vinay Joy (Partner), Srishti Ramkrishnan (Senior Associate), Aditya J Nair (Associate)<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\">Competition law aspect of the transaction: Anisha Chand (Partner), Tanveer Verma (Senior Associate)<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\">Due diligence and other corporate aspects: Aditi Vasani (Associate), Balashri Jalgar (Associate), Hemandu Aswal (Associate), Kritika Dobhal (Associate), Parmeet Singh (Associate)<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">10.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Role of Firm<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">Spearheaded the deal and represented and assisted the acquirer, Crompton Greaves Consumer Electricals Limited throughout the life cycle of the deal<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">11.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Other legal advisors if any with names of Lead Lawyers<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">Cyril Amarchand Mangaldas<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">\n<p style=\"text-align: center;\">12.<\/p>\n<\/td>\n<td width=\"266\">\n<p style=\"text-align: center;\">Unique Feature of Transaction<\/p>\n<\/td>\n<td width=\"423\">\n<p style=\"text-align: center;\">A significant consolidation in the consumer appliances space, bringing together two of India\u2019s most iconic brands in this space<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"63\">13.<\/td>\n<td width=\"266\">Press coverage<\/td>\n<td width=\"423\"><a href=\"https:\/\/www.msn.com\/en-in\/finance\/topstories\/crompton-greaves-consumer-to-buy-majority-stake-in-butterfly-gandhimathi-appliances\/ar-AAUbyyj?ocid=BingNewsSearch\">Crimpton Greaves Consumer to buy majority stake in Butterfuly Gandhimathi Appliances <\/a><\/p>\n<p><a href=\"https:\/\/www.cnbctv18.com\/business\/butterfly-gandhimathi-acquisition-to-help-become-leading-kitchen-appliance-brand-crompton-greaves-12610592.htm\">Butterfly Gandhiamathi Acquistion to hel become leading kitchen appliance brand crompton greaves <\/a><\/p>\n<p><a href=\"https:\/\/www.bloombergquint.com\/business\/crompton-greaves-to-acquire-butterfly-gandhimathi-for-a-full-kitchen-play\">Cromption Greaves to acquire butterfly gandhimathi for a full kitchen play <\/a><\/p>\n<p><a href=\"https:\/\/www.freepressjournal.in\/business\/crompton-greaves-consumer-to-acquire-majority-stake-in-butterfly-gandhimathi-appliances\">Cromption Geeaves consumer to acqurie majority stake in butterfly gandhimathi appliances <\/a><\/p>\n<p><a href=\"https:\/\/www.businesstoday.in\/latest\/corporate\/story\/crompton-greaves-consumer-to-buy-majority-stake-in-butterfly-gandhimathi-appliances-323572-2022-02-23\">Crompton Greaves Consumer to buy majority stake in butterfly gandhimathi appliances<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"2\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crompton Greaves Consumer Electricals Limited | Acquisition of up to 55% of the shareholding of Butterfly Gandhimathi Appliances &nbsp; NO HEADINGS DETAILS <\/p>\n","protected":false},"author":8808,"featured_media":263322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[],"class_list":["post-263309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Khaitan &amp; Co spearheaded and assisted Crompton Greaves Consumer Electricals Ltd in acquisition of up to 55% shareholding of Butterfly Gandhimathi Appliances | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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