Crompton Greaves Consumer Electricals and Havells have expressed interest in buying out Butterfly Gandhimathi, according to sources.

Share Market Live

NSE

The kitchen appliance maker has been on the deal street, looking to raise around Rs 500 crore. The company’s plans to raise funds are aimed at expanding its automation and backward integration in its manufacturing facility back in Tamil Nadu as well as expanding capacities to enter international markets. Through this process of raising funds, the company has received a lot of interest from marquee private equity (PE) investors, along with an interest from Crompton Greaves Consumer and Havells for a complete buyout.

Butterfly Gandhimathi is currently in the process of evaluating all options and it remains to be seen as to which option the company will ultimately choose. The company is expected to come out with a decision in the next 15-30 days.

Also Read: Havells India expects margin to return to pre-COVID levels soon

To confirm the rumours that are doing the rounds, CNBC-TV18 has reached out to Butterfly Gandhimathi, but is yet to receive any response. Havells and Crompton Greaves Consumer, on the other hand, refused to comment on the matter.

Watch the accompanying video of CNBC-TV18's Shilpa Ranipeta for more details.

Catch minute-by-minute updates on the stock market, and more, here:

First Published:Feb 17, 2022 10:56 AM IST