Shares of Triveni Turbine Ltd opened higher on Wednesday after multiple block trades involving 70.5 million shares changing hands. Details of buyers and sellers are unknown.

The stock was trading at Rs 244 on the BSE at 9:20 am, up 6.6% from its previous close. The stock has surged more than 54% in the past two months and is up 21% this year. Shares of Triveni Engineering rose 5% to Rs 282 per share. About 70.5 million shares, or 21.8%, of the company, changed hands in multiple block trades. Triveni Engineering holds a 21.85% stake in Triveni Turbine as of June 2022.

On Tuesday, CNBC TV reported that Triveni Engineering and Industries Ltd had initiated a block transaction to sell an 11.85% stake in industrial steam turbine maker Triveni Turbine Ltd. The company is aiming to raise Rs 875 crore from the block deal. TV reports said Triveni Engineering plans to sell as many as 3.82 crore shares at Rs 226.5-229 per share.