Triveni Engineering & Industries announced the divestment of its entire 21.85% stake in Triveni Turbine (TTL) 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 has undertaken the sale on 21 September 2022 in the following manner:
1) 10% of the total paid-up capital of TTL was sold to Rati Sawhney, one of the existing promoters by way of inter-se transfer between promoters at a price of 229 per share(based on the previous day closing price of 228.95 per share on NSE) through block trading window on stock exchange; and
2) 11.85% of the total paid-up capital of TTL was sold to multiple leading institutional investors through block trading window on the screen-based trading system of the stock exchanges at a price of 226.70 per share.
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