Shares of Triveni Engineering & Industries fell 5% to Rs 280 on the BSE in intraday trade on Thursday after almost 9% of the sugar producer changed hands in a block trade.

At 9:15 am, exchange data showed that about 20.73 million shares changed hands on the BSE, accounting for 8.58% of Triveni Engineering’s total share capital. The names of the buyer and seller are settled after a while.

Triveni Engineering is one of the largest integrated sugar producers in the country, one of the leading manufacturers of engineer-to-order high-speed gears and transmissions, and a leader in the water and wastewater management business.

According to media reports, Dhruv Sawhney, one of the promoters of Triveni Engineering, will reduce his stake in the company through a secondary placement.

The shareholding structure data shows that as of September 30, 2022, Dhruv Sawhney holds 37.3 million shares of Triveni Engineering, with a shareholding ratio of 15.43%. According to the data, the promoters have 68.26% of the company’s shares.

Earlier on September 21, Triveni Engineering divested its entire 21.85% stake in Triveni Turbine worth Rs 1,609 crore, unlocking significant value for shareholders. Driven by strong investor demand, shares were sold to a wide range of investors, including sovereign wealth funds such as GIC, Abu Dhabi Investment Authority (ADIA), foreign institutions such as Nomura, Plutus, and leading MF companies such as SBI MF, Aditya Birla Mutual fund, Sundaram MF, and Invesco MF, the Company said.

The company said that proceeds from the divestment would reward shareholders and fund business growth and expansion. “We remain optimistic about the prospects for our business, which will continue to strengthen the company’s strong market position and deliver long-term returns for stakeholders,” management said.

Meanwhile, on November 5, Triveni Engineering announced a proposal to buy back up to 22.86 million equity shares from shareholders at Rs 350 each for a total amount not exceeding Rs 800 crore.