Cyient is expected to offload 14.5% stake or 1.14 crore shares in Cyient DLM via a large block deal tomorrow. According to a report by CNBC-TV18, the offer price for the Cyient DLM block deal is set at Rs 748.65 per share, a 5% discount to the closing price of shares on NSE today. The report further stated that there will be a 90-day lock in period for the seller to offload any further stake in the company.
The decision was made in a board meet scheduled today. According to the Cyient, 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.
