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Triveni Engineering and Industries Ltd. were in focus after its promoter and chairman Dhruv Manmohan Sawhney sold 1.7 crore shares of the company, 7.03 percent of the total shareholding, at an average price of Rs 280.75 on Thursday through open market transactions.

The transaction fetched him Rs 477.3 crore for the shares sold.

Triveni Engineering’s shareholding data shows that at the end of the September quarter, Sawhney owned 3.73 crore shares, or a 15.43 percent stake, in the company.

Reacting to the development, Triveni Engineering shares dropped 4.2 percent on Thursday to close the session at Rs 281.95.

In Thursday’s deal, global investment firm Societe Generale, Plutus Wealth Management Llp, and ace investor Anil Kumar Goel were among the major buyers of Triveni Engineering shares.

Goel bought 18 lakh shares of Triveni Engineering on Thursday at an average price of Rs 280 apiece. As per the company’s shareholding data, Goel already owned 65 lakh shares of Triveni Engineering, translating into 2.69 percent of the total shareholding, as of September 2022. Thursday’s purchase further raises Goel’s stake in the firm.

Societe Generale also bought 14.7 lakh shares of the company, while Plutus Wealth Management bought 40 lakh shares.

Triveni Engineering and Industries Ltd. has core competencies in the areas of sugar and engineering. The company is among the three largest sugar manufacturers in India, and the market leader in its engineering business comprising steam turbines, high-speed gears, gearboxes, and water treatment solutions.

Shares of Triveni Engineering and Industries Ltd are trading at Rs 284.20, up 0.76 percent.

(Edited by : Rukmani Krishna)