Triveni Engineering gains on acquiring 25.43% stake in Sir Shadi Lal Enterprises
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Triveni Engineering is currently trading at Rs. 325.75, up by 3.25 points or 1.01% from its previous closing of Rs. 322.50 on the BSE.
The scrip opened at Rs. 322.70 and has touched a high and low of Rs. 330.20 and Rs. 322.70 respectively. So far 14038 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 417.00 on 18-Oct-2023 and a 52 week low of Rs. 250.10 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 340.65 and Rs. 321.65 respectively. The current market cap of the company is Rs. 7064.93 crore.
The promoters holding in the company stood at 60.98%, while Institutions and Non-Institutions held 12.88% and 26.13% respectively.
Triveni Engineering & Industries has acquired 25.43% stake in Sir Shadi Lal Enterprises (SSEL) for Rs 35 crore and launched an open offer to shareholders for acquiring an additional 26% stake. The acquisition is in line with the objective to expand its business operations in sugar and alcohol businesses. This is a strategic acquisition due to synergies in both businesses. The company would look to further expand the business and drive the next growth phase of SSEL.
Triveni Engineering & Industries is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is one amongst the largest sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water treatment solutions.
