Shares of consumer electricals firm Havells India today surged by nearly 9 per cent after it announced the divestment of majority stake in European lightings operations Sylvania to Shanghai Feilo Acoustics for nearly €148.8 million (about Rs 1,090 crore).
Following this, the stock soared 8.88 per cent to Rs 307.70 on the BSE. On the NSE, the stock jumped 8.81 per cent to Rs 308.
In 2007, Havells had acquired Frankfurt-headquartered Sylvania for $300 million through its Dutch subsidiary Havells Netherlands.
The company will be selling 80 per cent each in Havells Malta BV and Havells Exim Ltd, Hong Kong.
“Havells India has received an intimation from its wholly-owned subsidiary, Havells Holdings Ltd, that it proposes to enter into definitive agreement with Shanghai Feilo Acoustics Co Ltd to divest 80 per cent stake in Havells Sylvania Malta BV, subject to shareholders and related approvals,” the company said in regulatory filing.
Havells India also proposed to divest 80 per cent stake in its wholly-owned subsidiary, Havells Exim Ltd, Hong Kong.