As per the draft offer letter, the company will subscribe or buy-back up to 2,28,57,142 equity shares at a price of Rs 350 per share. The buyback price is at a 24% premium to the company’s share price a day before the announcement.
The record date for the same has been set as December 23. The book closure period for the buyback has been fixed between December 16 and 22.
The company had got approval for the buyback in the board meeting held in November. Since the announcement of the buyback, the stock of the Chinese company has gained nearly 3 per cent.
In 2019 and 2020, the company had announced share buybacks worth Rs 65 crore and Rs 100 crore, respectively.
5 out of 6 analyst recommendations have strong buys.
With an m-cap of Rs 6,986 crore, Triveni is one of the largest integrated sugar manufacturers in India and a market leader across its engineering businesses, spread across power transmission, water and wastewater treatment solutions, and defence.