After large deals on the bourses, TD Power Systems shares gained 4% in early trade. Around 3.76 crore shares, or a 24% stake worth Rs 830.96 crore, changed hands on the stock exchanges.

The transaction was done at an average price of Rs 221 apiece, a discount of 1% from a closing price of Rs 223.20 on June 28.
As per media reports, the company’s promoters and shareholders wanted to divest a 24.2% stake worth Rs 800 crore. The report said the floor price of the deal was Rs 214 a share.

At 9.16 am, TD Power Systems shares traded 1.5% higher at Rs 226.45 on the NSE.

TD Power Systems manufactures air-conditioning (AC) generators worldwide with a product output range of one megawatt (MW) to 200 MW for prime movers like steam turbines, gas turbines, hydro turbines, diesel engines, gas, and wind turbines.

The stock has notched over 88% gains yearly amid rising demand for ACs in the peak summer months in India. The company also posted a 43.3% YoY rise in net profit to Rs 35.4 crore in the January-March quarter.