Sugar firm Triveni Engineering & Industries Ltd's promoter Dhruv Sawhney is likely to sell a 7.03 percent stake, approximately 1.7 crore shares, via block deals on December 8, CNBC Awaaz reported on December 7 citing sources.
The promoter is aiming to sell shares worth Rs 500 crore at Rs 280-Rs 285 per share, which is at around 3 per cent discount from its current share price.
Triveni Engineering's scrip on December 7 closed 1.70 percent lower at Rs 294.85 apiece on BSE against its previous close. The company's shares fell 2.5 percent intra-day at Rs 292.45 apiece from its previous close.
Earlier, in September, the company had sold its entire 21.85 percent stake in Triveni Turbines for about Rs 1,600 crore. The shares have been sold to Rati Sawhney, one of the promoters of Triveni Turbine, and a few institutional investors, including sovereign wealth funds of Singapore and Abu Dhabi as also a few domestic mutual funds.
Triveni Engineering & Industries Ltd had reported a multifold jump in its consolidated profit to Rs 1,387.76 crore for the quarter ended September on one-off gains.
Its net profit stood at Rs 92.47 crore in the year-ago period.
Total income rose to Rs 1,483.33 crore in the second quarter of this fiscal from Rs 1,163.66 crore in the corresponding period of the previous year, according to a regulatory filing.
The company also announced a proposal to buy back up to 2,28,57,142 equity shares from shareholders at a price of Rs 350 per share for an aggregate amount not exceeding Rs 800 crore.
Triveni Engineering is one of the largest integrated sugar producers in the country. It also has a presence in engineered-to-order high-speed gears and gearboxes, besides water and wastewater management business.
The company currently has seven sugar mills in operation in Uttar Pradesh.
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