Crompton Greaves Consumer Electricals Limited has sanctioned the sale of a 6% stake in its subsidiary firm Butterfly Gandhimathi Appliances Limited through an Offer for Sale (OFS), a regulatory filing informed on September 19. The company’s Executive Committee of Directors held a meeting earlier in the day and gave its affirmation for the sale of around 10.72 lakh equity shares in Butterfly Gandhimathi, having a face value of Rs 10 each.

On September 20-21, the OFS will be executed with a floor price of Rs 1,370 per share, informed Crompton Greaves to the stock exchanges. “The director’s executive committee of the company, in its meeting held, approved the sale of up to Rs 10,72,775 equity shares with the face value of Rs 10 each of Butterfly Gandhimathi Appliances Limited is the material subsidiary of the company represents up to 6% of its total issued as well as paid-up equity share capital by way of an Offer for Sale (OFS) through the stock exchange mechanism,” it said.

The company added that the Offer for Sale is aimed at complying with the “Minimum Public Shareholding Requirements” concerning the applicable laws.

On September 20, the sale window will open for non-retail investors only, as per the filing noted, adding September 21 is dispensed for “Retail investors and non-retail investors, choosing to carry forward in their un-allotted bids”.

On September 19, Butterfly Gandhimati closed at Rs 1,506.20 per share at the BSE, which was 0.56% lower than the previous day’s close. At the NSE, the share was valued at Rs 1,495.85 per share at the NSE which marked a 1.27% drop as linked to the last closing price.