Cyient announced on August 20 that its board approved sale of 14.5 per cent stake in subsidiary Cyient DLM through a block deal.
“The Board of Directors of the Company, at its meeting held today, August 20, 2024 (Tuesday) has considered and approved the sale of up to 1.14 crore equity shares i.e. approximately 14.5 per cent of the total outstanding equity shareholding of its subsidiary, Cyient DLM Limited, by way of a share sale utilising the block deal window mechanism provided by the stock exchanges,” said Cyient in a stock exchange filing.
“The expected date for completion of the sale/ closing is August 21, 2024, or such date as mutually agreed between the company and the buyer,” added Cyient. Cyient said it will use the proceeds for capital requirements and debt retirement. Cyient reported a 0.6 per cent revenue decline due to challenges in the railway industry and its connectivity segment.