Rakesh Jhunjhunwala is a billionaire shareholder who is set to have an outset stake in top lighting solutions firm Syska LED, as per the reports announced on August 9 by CNBC TV. The billionaire is said to have signed a contract to take up the shares. This news engagement comes out right after the company initiated collaboration with Crompton Greaves Consumer Electrical.
The CG buyer was already in transition to acquires some stakes when the news came out on July 23, with relevant reports claiming the deal was offset for Rs 2,000 crore. In March, the money control reported that Syska Led was in the process to come out of its debts. According to the statements launched by HDFC Bank on preliminary discussions to conjure the potential sale of the company.
“Syska LED’s business was hit due to the outbreak of COVID-19 and HDFC Bank as the lead lender is now trying to find a buyer for the firm due to its debt burden. Alternatively, the firm may also explore a fundraise through the private equity route by selling a minority stake, though this has been attempted earlier,” an insider to the development had said.
