Triveni Turbine shares gain 5% after block deals on 21.8% stake

As of June 2022, Triveni Engineering holds 21.85% stake in Triveni Turbine.

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Shares of Triveni Turbine Ltd opened higher on Wednesday following multiple block deals involving 70.5 million shares changing hands. The details of the buyers and sellers were yet to be known.

At 9.20am, the stock was trading at Rs 244 on the BSE, up 6.6 percent from its previous close. In the last two months, the scrip surged over 54 percent, while it is up 21 percent so far this year. Triveni Engineering was trading 5 percent higher to Rs 282 a share.

Around 70.5 million shares or 21.8 percent stake in the company changed hands in multiple block deals, according to Bloomberg. As of June 2022, Triveni Engineering holds 21.85 percent stake in Triveni Turbine.

On Tuesday, CNBC TV reported that Triveni Engineering and Industries Ltd has launched a block deal to sell 11.85 percent stake in industrial steam turbine manufacturer Triveni Turbine Ltd.

The company aims to raise Rs 875 crore from the block deal. 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 TV report said.