Triveni Turbine Limited announces an Equity Buyback for 5,428,571 shares, for INR 1,900 million.
November 02, 2022 at 10:00 am EDT
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Triveni Turbine Limited (BSE:533655) announces a share repurchase program. Under the program, the company will repurchase up to 5,428,571 shares, representing 1.68% of its issued share capital, for INR 1,900 million. The shares will be repurchased at a price of INR 350 per share.
The purpose of repurchase program is to return surplus funds to shareholders, promote capital efficiency and thereby increasing shareholders' value and improving return on equity and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The funds for implementation of the offer will be sourced out of free reserves of the company and/or current balances of cash and cash equivalents and/or current investments and/or internal accruals and/or securities premium account and/or any other source as may be permitted by the law. The program is subject to shareholder approval through postal ballot.
The company has fixed December 23, 2022, as the record date for the offer. The repurchase program is valid till January 31, 2023. As at October 28, 2022, the company had 323,305,484 shares in issue.
Triveni Turbine Limited is an India-based industrial steam turbine manufacturer. The Company is primarily engaged in the business of manufacturing and supplying power generating equipment and solutions and has manufacturing facilities in Bengaluru, Karnataka. Approximately 6,000 steam turbines supplied by the Company are installed across 20 industries in over 75 countries, including Europe, Africa, Central and Latin America, Southeast Asian and South Asian Association for Regional Cooperation countries. It Triveni caters to varied and diverse industries, including biomass IPP, municipal solid waste IPP, district heating, palm oil, paper, sugar, naval, textiles, metals, cement, carbon black, solvent extraction, pharmaceutical, chemicals, petrochemicals, fertilizers, oil and gas municipal solid waste based independent power plants (IPPs), and captive power plants (CPPs). The Companyâs products include backpressure turbines, condensing turbines, API steam turbines and smart turbines.
TRIVENI TURBINE LIMITED 
