Lloyd's fall 15% as investors rue sale to Havells
Standard Chartered Bank was the financial advisor and AZB & Partners were the legal advisors to the transaction.
The shares of the company closed at Rs 272.95 per piece, down 16.75% or Rs 54.90 on BSE on Monday.
On Sunday, Havells said, "...Board has approved the purchase of Consumer Durables Business of Lloyd Electric and Engineering Limited on a going concern basis, subject to due diligence and other regulatory approvals."
Shares of Havells India closed at Rs 414.55 apiece, down 2.66% or Rs 11.35 on BSE.
In a release, Havells said, "It will acquire the consumer business infrastructure, people, distribution network including and not limited to absolute, exclusive ownership and right to all intellectual property of Brand Lloyd, logo, trademark, goodwill and attendant rights."
Standard Chartered Bank was the financial advisor and AZB & Partners were the legal advisors to the transaction. EY represented sellers as their financial advisor, the company said.
The transaction is subject to confirmatory due diligence and is expected to close in next 8 weeks. The company plans to finance the transaction through a mix of debt and internal accruals.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.