Crompton Parkinson, the foreign promoter of Crompton Greaves, has offloaded its entire stake (close to 14 per cent) in the company to Penbryn International.
In a parallel development back home, Solaris Chemtech (SCL), formerly Bilt Chemicals, which holds close to a three per cent stake in Crompton Greaves, has proposed to acquire 10 lakh equity shares of Rs 10 each of the company from Greaves Ltd, representing nearly two per cent in the company.
Greaves at present holds close to 28 per cent stake in Crompton Greaves.
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Officials from Crompton Greaves, however, said the transfer of shares of the foreign promoters will not have any significant change on the management of the company for Penbryn International is from the same group as Crompton Parkinson.
This will enhance SCL