The financial investor Triton is cashing in on the armored gearbox manufacturer Renk for the second time since its IPO, giving up its majority stake.

On Tuesday evening, Triton placed 18.3 million Renk shares at an estimated price of 21 euros each, as the accompanying bank informed investors. Triton's stake thus shrinks from just under 51.9 to 33.6 percent. The placement was increased by ten percent in view of the high demand. The expected price is 6.25 percent below the Xetra closing price of 22.40 euros.

Triton had floated Renk on the stock exchange in February at the second attempt, raising 500 million euros. This was followed in May by a first placement with a volume of 250 million euros. In total, the investment company has already raised more than 1.1 billion euros from the sale of Renk shares. The remaining block of shares is still worth a good 700 million euros.

(Report by Alexander Hübner. Edited by Ralf Bode. If you have any questions, please contact our editorial team at frankfurt.newsroom@thomsonreuters.com)