Anil Ambani-led Reliance Alternative Investments Fund, managed by Reliance Equity Advisors, has acquired 13.7% stake in Butterfly Gandhimathi Appliances by infusing around Rs 100 crore. The board has approved the issue and allotment, on a preferential allotment basis, of an aggregate of 24,51,000 equity shares of Rs10 each. The board approved the preferential issue of equity shares at a premium of Rs 398 aggregating to an issue price of Rs 408 per equity share.
Last year in August, the company had bagged orders worth approximately Rs 285 crore from Tamil Nadu Government for the supply of Table Top Wet Grinders and Mixer Grinders during financial year 2011-2012 against its recently floated tender.
Gandhimathi Appliances, owners of the ‘Butterfly’ brand, is the leading manufacturer of home appliances in India. Its products include kitchen appliances that are at par with excellence in quality and durability.
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