Mumbai: Shareholders of Butterfly Gandhimathi Appliances have rejected the company’s merger proposal with Crompton Greaves Consumer Electricals. In the shareholders’ meeting held on October 28, about 96% of the non-institutional public shareholders voted against the resolutions, even though 63% of institutional investors favoured it.
“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 the Butterfly was not received in favour of the scheme at the said meeting of the shareholders,” Butterfly said in an exchange filing. The special resolution required votes to be in favour of not less than three times the number of the votes cast against.
Shares of Butterfly Gandhimathi Appliances fell nearly 7% to close at ₹1,088.10, while CG Consumer Electricals declined half a per cent to close at ₹ 281.95.
In an exchange filing, CG Consumer and Butterly said the development will not significantly change their growth strategy.
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