Triveni Turbine, Triveni Engg trade ex-date for buyback; shares dip 6%

These companies had fixed December 23, as the Record Date for the purpose of determining the entitlement and eligibility of share holders to in the share buyback.

Shares of Triveni Turbine and Triveni Engineering & Industries dipped up to 6 per cent on the BSE in Thursday’s intra-day trade after these stock turned ex-date for share buyback.

Triveni Turbine slipped 6 per cent to Rs 269, while Triveni Engineering was down 4.8 per cent at Rs 279.15 on the BSE in intra-day trades. In comparison, the S&P BSE Sensex was flat at 61,065 at 09:29 AM.

These companies had fixed Friday December 23, 2022, as the Record Date for the purpose of determining the entitlement and the names of the share holders who shall be eligible to participate in the Buyback programme.

On November 2, the board of directors of Triveni Turbine approved a proposal to buy back up to 5.43 million equity shares at a price of Rs 350 per share for an aggregate amount not exceeding Rs 190 crore, through tender offer on proportionate basis.

Triveni Turbine is a focused and growing corporation having core competency in the area of steam turbines manufacturing up to 100 MW size; a dominant player in industrial steam turbines up to 30 MW in India and also among the leading manufacturers of industrial steam turbines in >5 to 30 MW range globally.

With strong focus in enquiry generation and aggressive coverage plans, both in domestic and international markets, the management expect to convert large opportunities in the imminent future.

Meanwhile, on November 5, Triveni Engineering announced a proposal to buy back up to 22.86 million equity shares 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; amongst the leading manufacturers of engineered-to-order high-speed gears & gearboxes and a leading player in the water and wastewater management business.

Earlier in September 2021, Triveni Engineering had divested its entire 21.85 per cent stake in Triveni Turbine worth Rs 1,609 crore, unlocking significant value to shareholders. Driven by strong investor demand, the sale of shares was to marquee investors including sovereign wealth funds such as GIC, Abu Dhabi Investment Authority (ADIA), foreign institutions such as Nomura, Plutus and leading mutual funds such as SBI MF, Aditya Birla MF, Sundaram MF, Invesco MF, the company had said.

The company had said the proceeds of this divestment will be utilized for rewarding shareholders as well as funding the growth and expansion for business. “We remain constructive on the outlook of our various businesses which will continue to strengthen the Company's strong market position and yield long-term returns for stakeholders,” the management said.