Crompton Greaves weakens and tumbles
By
Research Desk
about 8 years ago
In May 2016, Crompton Greaves had signed an agreement with Pauwels Saco – a SPV of First Reserve. This is for the CG’s Power Businesses in Europe, North America and Indonesia for an Enterprise Value of euro 115 million.
This was to be completed by 31st Oct 2016 but this was extended to 30th November and today the news is that they have agreed to extend long stop date of share purchase agreement to December 6, which is tomorrow.
This postponement of dates twice has irked the market, bringing in a sense of uncertainty.
Not surprisingly, the stock is currently the top loser on the BSE, down over 7.5% at Rs.70.35, with intra day low dipping down to Rs.69 levels.