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Crompton Greaves tanks 70 percent on de-merger

 2016-03-15 07:46:34.0

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Mumbai:��The shares of Crompton Greaves tanked by over 70 percent as the company de-merged its consumer business from Tuesday. The prices reflect the market value for the firm's power business alone. The consumer unit is to be listed as a separate company next month. The shares of Crompton fell Rs.110.20, or 71.10 percent at Rs.44.80. The scrip has seen a 52-week high of Rs.203.50. Post de-merger, shareholders of Crompton Greaves will receive equity in the resultant compamy, Crompton Greaves Consumer Electricals, in the ratio of 1:1. The transaction needs the approval of the Bombay High Court. The company on March 9 had said it will sell its power business overseas to a US private equity fund for an enterprise value of 115 million euros. It included its European, North American and Indonesian power transmission businesses to First Reserve International.(IANS)

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