CHENNAI: Crompton Greaves Consumer Electricals Ltd and Butterfly Gandhimathi Appliances will continue to operate as separate individual listed entities following the rejection of their merger proposal by the latter’s public shareholders.
Shareholders of Butterfly had in their meeting held on October 28 rejected the scheme of amalgamation with Crompton Greaves Consumer Electricals Ltd (CGCEL).
‘’While the approval to the scheme from the majority in number representing three-fourths in value of the equity shareholders (including public shareholders) of Butterfly was obtained at the meeting, approval of a majority of the public shareholders of Butterfly was not received in favour of the scheme at the said meeting of the shareholders,’’ Butterfly informed bourses in a late-night regulatory filing on Monday.