TD Power Systems soars 4% after 24% stake changes hands

The block deal in TD Power Systems was done at an average of Rs 221 per share, a 1 percent discount from Wednesday's closing price.

Shares of TD Power Systems gained 4 percent in early trade on June 30 following large deals on the bourses. Around 3.76 crore shares, or a 24 percent stake, worth Rs 830.96 crore changed hands on the exchanges.

The transaction was done at an average price of Rs 221 per share, a discount of 1 percent from closing price of Rs 223.20 on June 28.

Though Moneycontrol could not immediately identify the parties involved in the transaction, CNBCTV18 reported on June 29 that the company's promoters and shareholders were looking to offload a 24.2 percent stake worth Rs 800 crore. The floor price of the deal was likely to be around Rs 214 a share, the report said.

At 9.16 am, shares of TD Power Systems were trading 1.5 percent higher at Rs 226.45 on the National Stock Exchange.

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TD Power Systems Limited is a manufacturer of air-condition (AC) generators in the world with products in the output range of one megawatt (MW) to 200 MW for prime movers such as steam turbines, gas turbines, hydro turbines, diesel engines, gas and wind turbines.

The stock has notched over 88 percent gains in the year so far, thanks to the rising demand for ACs in the peak summer months in India. The company had also posted a 43.3 percent on-year rise in net profit to Rs 35.4 crore in the January-March quarter. Topline also jumped 9.9 percent to Rs 35.4 249.8 crore as against Rs 24.7 crore in the same period last fiscal.

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