Butterfly Gandhimathi hits record high on open offer by Crompton Greaves

Shares of Crompton Greaves Consumer Electricals also rallied 5 per cent to Rs 396.35 on the BSE in intra-day trade

Shares of Butterfly Gandhimathi Appliances (Butterfly) hit a record high of Rs 1,419, up 2 per cent on the BSE in Wednesday’s intra-day trade, after Crompton Greaves Consumer Electricals (Crompton) made an open offer to acquire 26 per cent equity stake (4.65 million shares) of the company at Rs 1,433.90 per share. Post acquisition, Crompton will hold up to 55 per cent stake in the company.

The stock of Butterfly, which is engaged in household appliances business, surpassed its previous high of Rs 1,399.15 touched on February 11, 2022. In the past three months, it outperformed the market by