Triveni Engg issues Letter of Offer for Rs. 100 cr buyback

The stock of Triveni Engineering was buzzing on Friday as the company issued the Letter of Offer for its buyback scheme. The offer represents 3.88 per cent of the company’s total paid up equity share capital as at March 31, 2019.

The buyback offer opens on Monday, July 22 and closes on Friday, August 2, 2019. The record date for the buyback entitlement was Wednesday, June 19, 2019. The offer is priced at Rs. 100 per share. The 1,00,00,000 or 1 crore share buyback offer for an aggregate amount of Rs. 100 crore excluding transaction costs, represents 9.71 per cent and 9.15 per cent of the company’s paid-up capital and free reserves as on March 31, 2019, on a standalone and consolidated basis respectively.

Promoter shareholding in the company as on June 5. 2019 was at 68.21 per cent. Promoters have expressed their intent to participate in the buyback offer and may tender a maximum of upto 10,09,31,000 shares.

Meanwhile, on Friday, the stock of Triveni Engineering closed at Rs. 65.05 per share, up by Rs. 3.20 or 5.17 per cent on BSE.