Cyient Approves To Sell 14.5% Stake In Its Subsidiary
At current market price of Rs 1,934.8 per share on the NSE, the deal aggregates to Rs 2,225 crore.
Cyient Ltd. has approved the sale of a 14.50% stake in its subsidiary through a bulk deal mechanism. The company will offload 1.14 crore shares in Cyient DLM Ltd., according to an exchange filing on Tuesday. The company expects to complete the transaction on Aug. 21.
As per the closing price of Rs 1,934.8 per share on Tuesday, the deal aggregates to Rs 2,225 crore.
In fiscal 2024, Cyient DLM earned Rs 1,191.9 crore, while the company earned Rs 7,147.2 crore. This means Cyient DLM's revenue was 17% of the company’s total revenue for that year, as mentioned in the filings.
Cyient DLM's net worth was Rs 909 crore as of March 31, 2024, while the company's net worth was Rs 4556.9 crore. This means Cyient DLM's net worth was 20% of the company's total net worth, it said.
Shares of Cyient closed 6.13% higher at Rs 1934.05 apiece, compared to a 0.47% rise in the benchmark BSE Sensex. The stock has risen 25.48% in the last 12 months and declined 15.63% year-to-date. The relative strength index was 68.76.
