Tender Offer | ₹190.00 Crores | Listed at BSE, NSE | Tue, Jan 17, 2023 - Tue, Jan 31, 2023
Triveni Turbine Ltd. Buyback is a tender offer for the repurchase of up to 0.54 crore equity shares at a buyback price of ₹350 per share with a face value of ₹1 per share, aggregating to ₹190.00 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 Jan 17, 2023 and closes on Jan 31, 2023, with the last date for receipt of tender forms being Jan 31, 2023.
The finalisation of buyback acceptance is expected on Feb 8, 2023, followed by settlement of bids on Feb 9, 2023.
Ambit Pvt.Ltd. is the Manager to the Buyback and Kfin Technologies Ltd. is the Registrar and Ambit Private Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the Triveni Turbine Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Tue, Jan 17, 2023
Offer Closing Date
Tue, Jan 31, 2023
Buyback Price
₹350 per share
Record Date
December 23, 2022
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 8 Equity Shares out of every 51 Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 1 Equity Share out of every 69 Fully paid-up Equity Shares held on the Record Date. |
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31-Mar-21 | 941.85 | 721.68 | 102.46 | 98.69 |
| 31-Mar-22 | 1334.82 | 881.72 | 270.2 | 128.2 |
| Amount in ₹ Crore | ||||
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Nov-2022 | 294.85 | 270.10 | 281.01 |
| Oct-2022 | 305.10 | 233.10 | 270.84 |
| Sep-2022 | 248.20 | 205.60 | 225.24 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Nov-2022 | 294.80 | 270.20 | 280.95 |
| Oct-2022 | 305.50 | 234.90 | 270.76 |
| Sep-2022 | 248.80 | 204.95 | 225.24 |
The Buyback is being undertaken, inter-alia, for the following reasons:
Taking into account the operational and strategic cash requirements of the Company in the medium term (including investment in growth plans and associated capital expenditure), the Company's dividend pay-out trend and cash reserves, the Company considers appropriate to return surplus funds to the shareholders in an effective and efficient manner.
The Buyback will help the Company to distribute surplus cash to its shareholders holding Equity Shares and will promote capital efficiency and thereby increasing shareholders' value and improving return on equity to the management of the Company's business during that year and to the amount and character of the financial resources which will, in the Board's view.
Triveni Turbine Ltd.
A-44, Hosiery Complex,
Phase-II Extn., Noida
201305
Noida, Uttar Pradesh
Lead Manager(s)
Registered Broker
The Triveni Turbine Buyback opens on January 17, 2023, and closes on January 31, 2023.
Last date to be eligible to participate in buyback is December 21, 2022.
The Triveni Turbine Buyback is a Tender Offer.
Triveni Turbine Buyback Schedule
| Buyback Opening Date | January 17, 2023 |
| Buyback Closing Date | January 31, 2023 |
| Last Date for receipt of Tender Forms | January 31, 2023 |
| Finalisation of Buyback Acceptance | February 8, 2023 |
| Last Date for settlment of bids | February 9, 2023 |
| Last Date for Extinguishment of Shares | February 16, 2023 |
The Triveni Turbine Buyback is being offered at Rs ₹350 per share.
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 8 Equity Shares out of every 51 Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 1 Equity Share out of every 69 Fully paid-up Equity Shares held on the Record Date. |
The issue size of Triveni Turbine Buyback is 54,28,571 equity shares at ₹350 per share aggregating up to ₹190.00 Crores.
The Buyback is being undertaken, inter-alia, for the following reasons:
Taking into account the operational and strategic cash requirements of the Company in the medium term (including investment in growth plans and associated capital expenditure), the Company's dividend pay-out trend and cash reserves, the Company considers appropriate to return surplus funds to the shareholders in an effective and efficient manner.
The Buyback will help the Company to distribute surplus cash to its shareholders holding Equity Shares and will promote capital efficiency and thereby increasing shareholders' value and improving return on equity to the management of the Company's business during that year and to the amount and character of the financial resources which will, in the Board's view.
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 Turbine Buyback 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.
