The Board of Directors of Cyient Limited has approved the sale of up to 1,14,99,390 equity shares, representing approximately 14.5% of the total outstanding equity of its subsidiary, Cyient DLM Limited. The decision was made during a board meeting held on August 20, 2024.
Cyient said that the block deal is expected to be completed before August 21.
The sale will be executed through the block deal window mechanism provided by the stock exchanges. The proceeds from this transaction are intended to be utilized to meet the company’s capital requirements, including significant investments in Cyient’s newly announced semiconductor business. The funds will also support various organic and inorganic growth initiatives and will be used to retire some of the company’s existing debt.
