Tender Offer | ₹800.00 Crores | Listed at BSE, NSE | Thu, Feb 16, 2023 - Wed, Mar 1, 2023
Triveni Engineering and Industries Ltd. Buyback is a tender offer for the repurchase of up to 2.29 crore equity shares at a buyback price of ₹350 per share with a face value of ₹1 per share, aggregating to ₹800.00 crores.
The record date for determining eligible shareholders is Dec 23, 2022. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Feb 16, 2023 and closes on Mar 1, 2023, with the last date for receipt of tender forms being Mar 1, 2023.
The finalisation of buyback acceptance is expected on Mar 10, 2023, followed by settlement of bids on Mar 13, 2023.
Ambit Pvt.Ltd. is the Manager to the Buyback and Kfin Technologies Ltd. is the Registrar and Ambit Capital Private Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the Triveni Engineering and Industries Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Thu, Feb 16, 2023
Offer Closing Date
Wed, Mar 1, 2023
Buyback Price
₹350 per share
Record Date
December 23, 2022
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 1 Equity Shares out of every 3 Fully paid-up Equity Shares held on the Record Date. | 3,428,572.00 |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 12 Fully paid-up Equity Shares held on the Record Date. | 19,428,570.00 |
| Period Ended | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|
| 31-Mar-20 | 4472.9 | 335.12 | 1303.62 | 1268.5 | 1547.77 |
| 31-Mar-21 | 4733.75 | 294.6 | 1517.35 | 1480.01 | 990.48 |
| 31-Mar-22 | 4716.23 | 424.06 | 1869.38 | 1831.81 | 1575.06 |
| 30-Sep-22 | 2854.67 | 1454.21 | 3281.28 | 3244.26 | 883.98 |
| Amount in ₹ Crore | |||||
Incorporated in 1932, Triveni Engineering and Industries Limited is one of the largest integrated sugar manufacturers in India and a market leader in engineering businesses.
The company produces high-quality potable alcohol and fuel-grade ethanol. The company's engineering arm provides water treatment solutions, power transmission, and defence solutions.
The Company is one of the largest integrated sugar producers in India, having a total crushing capacity of 61,000 TCD (the "Sugar Business") and is amongst the leading players in Engineering businesses, comprising power transmission and Water and Wastewater Treatment Solutions (the "Engineering Business").
The company has two core businesses:
Power Transmission Business ("PTB") and Water Business ("WB").
The Company&rsquo's PTB comprises three business segments including gears, defence and built-to-print, whereas the offerings of WB include customised, sustainable engineering, procurement and construction solutions/services.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Nov-2022 | 308.85 | 252.30 | 277.35 |
| Oct-2022 | 291.80 | 249.30 | 270.63 |
| Sep-2022 | 294.35 | 232.80 | 253.42 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Nov-2022 | 308.90 | 252.05 | 277.47 |
| Oct-2022 | 292.00 | 247.30 | 270.58 |
| Sep-2022 | 294.35 | 231.60 | 253.48 |
The Buyback is being undertaken for the following reasons:
1. The Buyback will help the Company distribute surplus cash to its shareholders holding Equity Shares and promote capital efficiency, thereby increasing shareholders' value and improving return on equity.
2. The Company's dividend pay-out trend and cash reserves, the Company considers appropriate to return surplus funds to the shareholders effectively and efficiently.
Triveni Engineering and Industries Ltd.
A-44, Hosiery Complex,
Phase-II Extension,
Noida - 201 305
Noida, Uttar Pradesh, 201305
Lead Manager(s)
Registered Broker
The Triveni Engineering Buyback 2022 opens on February 16, 2023, and closes on March 1, 2023.
Last date to be eligible to participate in buyback is December 21, 2022.
The Triveni Engineering Buyback 2022 is a Tender Offer.
Triveni Engineering Buyback 2022 Schedule
| Buyback Opening Date | February 16, 2023 |
| Buyback Closing Date | March 1, 2023 |
| Last Date for receipt of Tender Forms | March 1, 2023 |
| Finalisation of Buyback Acceptance | March 10, 2023 |
| Last Date for settlment of bids | March 13, 2023 |
| Last Date for Extinguishment of Shares | March 20, 2023 |
The Triveni Engineering Buyback 2022 is being offered at Rs ₹350 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 1 Equity Shares out of every 3 Fully paid-up Equity Shares held on the Record Date. | 3,428,572.00 |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 12 Fully paid-up Equity Shares held on the Record Date. | 19,428,570.00 |
The issue size of Triveni Engineering Buyback 2022 is 2,28,57,142 equity shares at ₹350 per share aggregating up to ₹800.00 Crores.
The Buyback is being undertaken for the following reasons:
1. The Buyback will help the Company distribute surplus cash to its shareholders holding Equity Shares and promote capital efficiency, thereby increasing shareholders' value and improving return on equity.
2. The Company's dividend pay-out trend and cash reserves, the Company considers appropriate to return surplus funds to the shareholders effectively and efficiently.
All the eligible Shareholders of the Company holding either Physical Shares or Demat Shares as on the Record Date can participate in the buyback offer through their Stock Broker.
The eligible shareholder holding the shares in Demat form needs to inform their broker the details of the Equity shares they wish to tender in the Buyback Offer. The shareholder needs to transfer the tendered shares to a Special account of the clearing corporation. The broker, in turn, would place an order on the stock exchange for the buyback.
The eligible shareholder holding the shares in physical form needs to approach their broker with original share certificates and supporting documents. Upon completion of document verification, the broker places an order on the stock exchange and submits the original share certificate and TRS to the registrar.
The tender form and TRS are optional in the case of Demat shares but mandatory in the case of physical shares.
The Triveni Engineering Buyback 2022 offers an opportunity for the shareholders to exit their positions at a premium price. In case you stay invested you would have an increased percentage of shareholding in the company and improved earnings per share. Thus, one should understand the company fundamentals along with one's need, goals, and risk appetite to decide if one wants to stay invested or participate in the buyback offer.
