Shares of consumer electrical and lighting firm Havells India on Thursday surged by nearly 9% after it announced divestment of majority stake in European lighting operations Sylvania to Shanghai Feilo Acoustics for nearly 148.8 million euros (approximately Rs 1,090 crore).
Following this, the stock soared 8.88% to Rs 307.70 on intraday on BSE. At 1402 hours, the shares of Havells India were trading up 9.13% or Rs 25.80 to Rs 308.40 per scrip on intraday on BSE.
On NSE, the shares of the company jumped 8.81% to Rs 308 on intraday. At 1404 hours, the shares of Havells India were trading up 9.17% or Rs 25. 95 to Rs 309.00 per scrip on intraday on NSE.
In 2007, Havells had acquired Frankfurt-headquartered Sylvania for $300 million (approximately Rs 2,004.6 crore) through its Dutch subsidiary Havells Netherlands.
The company will be selling 80% each in Havells Malta BV and Havells Exim, 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% 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% stake in its wholly-owned subsidiary, Havells Exim, Hong Kong.