Triveni Engineering dips 5% after nearly 9% equity change hands on BSE
Shares of Triveni Engineering & Industries dipped 5 per cent to Rs 280 on the BSE in Thursday’s intra-day trade after nearly 9 per cent equity of the sugar company changed hands via block deals.
At 09:15 am; around 20.73 million equity shares representing 8.58 per cent total equity of Triveni Engineering changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
Triveni Engineering is one of the largest integrated sugar producers in the country; amongst the leading manufacturers of engineered-to-order high-speed gears & gearboxes and a leading player in the water and wastewater management business.
According to media reports, Dhruv Sawhney, one of the promoters of Triveni Engineering, will pare his stake in the company through a secondary placement.
As on September 30, 2022, Dhruv Sawhney held 37.3 million equity shares or 15.43 per cent stake in Triveni Engineering, the shareholding pattern data shows. The promoters held total 68.26 per cent stake in the company, data shows.
Earlier in September 21, Triveni Engineering had divested its entire 21.85 per cent stake in Triveni Turbine worth Rs 1,609 crore, unlocking significant value for shareholders. Driven by strong investor demand, the sale of shares was to marquee investors including sovereign wealth funds such as GIC, Abu Dhabi Investment Authority (ADIA), foreign institutions such as Nomura, Plutus and leading mutual funds such as SBI MF, Aditya Birla MF, Sundaram MF, Invesco MF, the company had said.
The company had said the proceeds of this divestment will be utilized for rewarding shareholders as well as funding the growth and expansion for business. “We remain constructive on the outlook of our various businesses which will continue to strengthen the Company’s strong market position and yield long-term returns for stakeholders,” the management said.
Meanwhile, on November 5, Triveni Engineering announced a proposal to buy back up to 22.86 million equity shares from shareholders at a price of Rs 350 per share for an aggregate amount not exceeding Rs 800 crore.
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