CLSA sells entire stake in Triveni

CLSA (Mauritius) sold its entire 5.5 per cent holding in Triveni Engineering & Industries, an Indian sugar producer, for Rs 51.2 crore ($10.3 million).

CLSA sold 14.25 million shares at Rs 35.90 apiece, the National Stock Exchange said today. The shares were bought by Nalanda India Fund at the same price, the bourse said.

Shares of Triveni gained as much as 7.5 per cent soon after the holding changed hands on the National exchange at 10:35 a.m.local time. The stock rose 2.4 per cent to Rs 36 at close. It has lost more than three-quarters of its value this year.

Nalanda India Fund, run by Singapore-based private equity investment firm Nalanda Capital Pte., raised $400 million in May last year. It held 11.53 million shares, or 4.47 percent, of Triveni on September 30.