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Cyient approved a 14.5% stake sale in Cyient DLM, expected to raise ₹860.9 crore. The sale, set for August 21, will reduce Cyient’s stake in Cyient DLM from 66.66% to 52.16%. A day before the block deal, Cyient share price rose 6.15%.
Cyient Limited, a global digital engineering and technology solutions provider, has approved the sale of a 14.5% stake in its subsidiary, Cyient DLM Limited, through a block deal. The sale is scheduled to be completed on August 21, 2024, and is expected to raise approximately ₹860.9 crore.
The board of directors at Cyient approved the sale during a meeting held on Tuesday. The transaction involves the sale of 1.149 crore shares of Cyient DLM at a floor price of ₹748.65 per share, which represents a 5% discount to the previous NSE closing price of ₹789.60.
Post-transaction, Cyient's promoter holding in Cyient DLM will reduce from 66.66% to 52.16%. Additionally, a 90-day lock-in period has been established following the transaction to ensure stability in the shareholding structure.
Cyient intends to utilise the proceeds from the stake sale to address capital requirements for key investments. These investments include the company's newly announced semiconductor business, various organic and inorganic growth initiatives, and the retirement of existing debt.
For FY 2024, Cyient DLM reported revenue of ₹1,192 crore, constituting 17% of Cyient's total revenue of ₹7,147 crore. The net worth of Cyient DLM as of March 31, 2024, stood at ₹909 crore, representing 20% of Cyient's total net worth of ₹4,557 crore.
In Tuesday trading session, Cyient's share price closed at ₹1,933 on the NSE, marking a gain of ₹111.05 or 6.15% from the previous day's close. Cyient DLM's share price saw a modest increase, closing at ₹789.60, up by ₹4.85 or 0.62%.
Over the past 12 months, Cyient's share price has delivered a return of 25.36%, while Cyient DLM's share price has surged by 42.46%.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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