Butterfly changing colors

Butterfly Gandhimati today opened 1.5% higher at Rs.1300 and rose almost 4.5% to an intraday high at Rs.1335, some 4.5% lower than its 52-week high of Rs.1399.15.

The stock is up on unconfirmed news that Crompton Greaves Consumer is looking at acquiring a controlling stake, over 50% stake in Butterfly Gandhimati The buying price is pegged at Rs.1450 crore.

Promoters currently hold 64.78% stake in the company.

If this deal does happen, it will trigger off an open offer from Butterfly.