Triveni Turbine has announced that the Promoter Group has increased its stake in the company via an internal transfer. Nikhil Sawhney Trust, part of the Promoter Group, acquired 26.60% shareholding from Ms. Rati Sawhney, another Promoter. This acquisition increases the Trust’s holding in Subhadra Trade and Finance Limited, leading to indirect control over Triveni Turbine. There is no change in company management.
Promoter Group Shareholding Increase
Nikhil Sawhney Trust, a part of Triveni Turbine’s Promoter Group, has acquired a 26.60% shareholding in the company. This acquisition was completed through a transfer from Ms. Rati Sawhney, also a Promoter of the company, who held the shares in Subhadra Trade and Finance Limited.
Details of the Acquisition
The acquired shares were previously held by Ms. Rati Sawhney in Subhadra Trade and Finance Limited (“Subhadra”). Following the acquisition, the Acquirer Trust’s total shareholding in Subhadra has increased to 63.30%. Subhadra presently holds 8,67,24,312 equity shares, which is approximately 27.28% of Triveni Turbine.
Impact on Company Control
As a result of the acquisition, the Acquirer Trust has indirectly acquired control over Triveni Turbine. However, the announcement confirms that there will be no change in the control or management of the company as a result of this transaction.
Rationale for the Transfer
The internal transfer of shares is stated to be in furtherance of an internal reorganization within the Promoter Family. It is intended to streamline succession and promote the welfare of the Promoter Family, ensuring a smooth transition of ownership and management.
Source: BSE
