Triveni Engineering announces Rs 800-crore share buyback at a 24% premium

on December 12 announced a Rs 800-crore share buyback through the tender offer route.

In accordance with the draft offer letter, the company would buy back or repurchase up to 2,28,57,142 equity shares at a price of Rs 350 apiece. The buyback price is at a premium of 24% as against the company’s share price on the day prior to the announcement.

The record date for the same has been scheduled on December 23. The book closure period for the buyback has been decided between December 16 and 22.

For the buyback, the company got approval in its November board meeting. Since the buyback announcement, the stock of the sugar company gained around 3%.

In 2019 and 2020, the company had announced share buyback worth Rs 65 crore and Rs 100 crore, respectively.

Of the 6 analysts’ recommendations, 5 have given a strong ‘buy’.

With a m-cap of Rs 6,986 crore, Triveni is among the largest integrated sugar manufacturers in India and a market leader in its engineering businesses, spanning power transmission, water & wastewater treatment solutions, and defence.