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MUMBAI : The promoter of Triveni Engineering Industries Ltd Dhruv Sawhney will pare his stake in the company through a secondary placement. This will comprise 17 million shares or a 7.03% stake in the company at 280-285 apiece, a discount of 3.04-4.75% to the 293.95 closing price of the stock on NSE on Wednesday.

The size of the placement aggregates 476 crore at the bottom end of the price range and 484.5 crore at the top end. After the sale, the promoter stake will drop to 61.23% from 68.26% . The trade date for sale is 8 December while the settlement date is 12 December.

Ambit Capital is the sole broker for the transaction.

Triveni Engineering is one of the largest integrated sugar producers. It is also present in engineering businesses spanning power transmission, water and wastewater treatment solutions and defence.

At Wednesday’s close on NSE, the stock trades at a 21% discount to its 52-week high of 374 on 19 April.

Meanwhile, the company’s board announced a buyback of 800 crore for shareholders through a tender offer at 350 per share with the company proposing to buy back up to 22.9 million shares.

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