Triveni Engineering -; Industries' stock price down by more than 4% today

8 Dec 2022 , 10:15 AM

In intraday trade on Thursday, Triveni Engineering & Industries shares fell 5% to Rs 280 on the BSE after approximately 9% of the stock of the sugar firm was traded in block trades. According to exchange records, at 09:15 am, 8.58 % of Triveni Engineering’s entire equity, or 20.73 million equity shares, changed hands on the BSE.

Triveni Engineering had earlier, on September 21, sold its whole 21.85% stake in Triveni Turbine for Rs 1,609 crore, creating considerable value for shareholders. According to the company, the sale of shares was prompted by high investor demand and went to several notable investors, including sovereign wealth funds like GIC and the Abu Dhabi Investment Authority (ADIA), as well as foreign institutions like Nomura and Plutus and top mutual funds like SBI MF, Aditya Birla MF, Sundaram MF, and Invesco MF.

The corporation had stated that the funds from this transaction would be used to reward shareholders and finance the company’s growth and expansion. On November 5, Triveni Engineering announced a plan to repurchase up to 22.86 million equity shares from shareholders for an amount not to exceed Rs 800 crore for Rs 350 per share.

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