Warburg pays Rs 440 cr for stake in Havells India

Global equity firm Warburg Pincus has acquired over 67.60 lakh securities in electrical and power distribution equipment company Havells India for Rs 439.40 crore.

The company had issued 41.60 lakh equity shares and 26 lakh convertible warrants to Seacrest Investment, a Warburg Pincus group company, Havells India said in a filing to the Bombay Stock Exchange.

Havells India has alloted 41.60 lakh equity shares worth Rs 260 crore at Rs 625 a share and 26 lakh warrants that can be converted into equal number of shares at Rs 690 each totalling Rs 179.40 crore.

Earlier in October, Warburg Pincus had said it would invest $110 million to pick up 11.2 per cent stake of fully diluted share capital of Havells India.

The company would utilise the funds to partly repay the debt raised by it earlier this year to acquire Dutch firm SLI Sylvanias lighting business, and the rest will be used in enhancing manufacturing capabilities.

Havells India's product range includes industrial and domestic switchgears, cables and wires, energy meters, fans, CFL lamps, lighting systems for domestic, commercial and industrial application, and modular switches.

Besides, Havells India said it had appointed Niten Malhan as an Additional Director of the company with immediate effect. Shares of Havells India were trading at Rs 668.70, up 1.27 per cent, at the BSE in afternoon trade.