Triveni Engineering and Industries Ltd has launched a block deal to sell 11.85 percent stake in industrial steam turbine manufacturer Triveni Turbine Ltd, CNBC Awaaz reported on September 20.
The company is aiming to raise a sum of Rs 875 crore via the block deal sale.
Up to 3.82 crore shares are targeted to be offloaded by Triveni Engineering, at a price range of Rs 226.5-229 per share.
The offer price amounts to only one percent discount on the closing price.
The shares of Triveni Turbine traded at Rs 228.85 apiece at the BSE at the end of market hours on September 20, marking a drop of 4.29 percent as against the previous day's close. At the NSE, the share closed at a value of Rs 228.95, which was 3.96 percent lower as compared to the last closing price.
For the quarter ending June 2022, Triveni Turbine had reported a net profit of Rs 38.33 crore, posting a 38 percent year-on-year jump. The company's total income during the quarter came in at Rs 266.49 crore, which was higher as compared to Rs 189.61 crore in the corresponding period last year.The expenses during Q1 FY23 amounted to Rs 215.74 crore, which are higher than the Rs 153.49 crore recorded in the same period of FY22.