In a significant development, Cyient DLM’s parent company, Cyient, has sold 1.2 crore shares worth ₹883.20 crore in a block deal today, August 21. The shares were sold at a floor price of ₹766 per share, resulting in a 3% dip in Cyient DLM’s share price to ₹765.
The sale is part of Cyient’s efforts to optimize its capital structure and reduce debt. The proceeds from the sale will be used for capital needs and debt repayment, including investments in Cyient’s semiconductor business and retirement of company debts.
The block deal has resulted in a significant change in the ownership structure of Cyient DLM. The company’s share price has been volatile in recent times, and this sale is expected to have a short-term impact on the stock.
Impact on Share Price:
- Cyient DLM’s share price dips 3% to ₹765
- Cyient’s share price surges 6% to ₹2,049.95
Deal Details:
- 1.2 crore shares sold at ₹766 per share
- Total deal value: ₹883.20 crore
- Proceeds to be used for capital needs and debt repayment