UTC sells minority stake in Cyient for Rs 651 cr

United Technologies Corp today sold its minority stake in Cyient Ltd for about Rs 651 crore.
Carrier International (Mauritius) Ltd, a subsidiary of UTC, executed the trade to divest its balance equity shareholding in Cyient, according to a regulatory filing.
As per data available with the NSE, Carrier International offloaded little over 1.36 crore shares in the company at a price of Rs 475.17 apiece. This amounts to around Rs 651 crore.
Shares of the company dropped nearly six per cent to close at Rs 495.50 on the NSE.
"This is the second tranche of divestment, the first being done earlier on June 7, 2017. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering company," Cyient said in the filing to the NSE.

Cyient CEO Krishna Bodanapu said UTC's decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made therein.
The company provides engineering, manufacturing, geospatial, network and operations management services.