22 Sep 2022 , 10:08 AM
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 September 21, 2022 in the following manner:
The response to the stake sale from the investor community has been overwhelming, enabling us to close the transaction materially higher than the minimum floor price that was approved by the Board of Directors. As communicated earlier, 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.”
Ambit Capital acted as the sole broker to the transaction.
At around 10:07 AM, Triveni Engineering and Industries Ltd is currently trading at Rs271.80 per share down by Rs3.45 or 1.25% from its previous closing of Rs275.25 per share on the BSE.
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