Avantha Holdings sold a USD 139 million stake in Crompton Greaves in November and owned a 34.37 percent stake at the end of December, according to Thomson Reuters data.
Power equipment maker Crompton Greaves Ltd's board has approved the proposed demerger of its consumer products business, the company said on Thursday.
"(The board) decided to implement a 100 percent demerger of the consumer products business, such that the shareholding pattern of the resulting consumer company shall mirror the shareholding pattern of Crompton Greaves," the company said in a statement.
The company, majority owned by Avantha Holdings Ltd, had in July last year proposed a demerger of the consumer products business unit, a move that found favour among investors.
Avantha Holdings sold a USD 139 million stake in Crompton Greaves in November and owned a 34.37 percent stake at the end of December, according to Thomson Reuters data.
Crompton Greaves shares closed up 2.72 percent on Thursday, compared with the benchmark Sensex that rose 0.48 percent.
Crompton Greave stock price
On February 19, 2015, Crompton Greaves closed at Rs 179.15, up Rs 4.55, or 2.61 percent. The 52-week high of the share was Rs 231.00 and the 52-week low was Rs 118.65.
The company's trailing 12-month (TTM) EPS was at Rs 12.34 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.52. The latest book value of the company is Rs 53.55 per share. At current value, the price-to-book value of the company is 3.35.
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