Cyient Ltd Sells 14.5% Stake in Cyient DLM for Rs 879 Crore

Cyient Ltd has sold a 14.5% stake in its subsidiary Cyient DLM to HDFC Mutual Fund, Citigroup Global Markets, Morgan Stanley, and others for Rs 879 crore. The sale reduces Cyient Ltd’s stake in Cyient DLM from 66.66% to 52.16%. The shares were sold at an average price of Rs 764.40 apiece.

In a significant transaction, Cyient Ltd divested a 14.5% stake in its electronic manufacturing services arm, Cyient DLM, raising Rs 879 crore through open market sales to HDFC Mutual Fund, Citigroup Global Markets, and Morgan Stanley, among others.

BSE's bulk deal data reveals Cyient Ltd sold over 1.14 crore shares at an average price of Rs 764.40 each. The deal sees Cyient Ltd's holding in Cyient DLM reduced from 66.66% to 52.16%.

HDFC MF, Aditya Birla Sun Life MF, Edelweiss MF, Nippon India MF, Citigroup Global Markets Mauritius, and Morgan Stanley Asia Singapore acquired 11.96% of Cyient DLM, with other buyers still unidentified. Cyient DLM's shares dipped 1.57% to Rs 776.10 on the BSE post-transaction.

(With inputs from agencies.)