GE T''D India Shares Plunge 5%, Hit Lower Circuit
Aug 21, 2024 11:48
GE T''D India shares plummeted 5% on Wednesday after promoters announced plans to simplify their holding structure, potentially involving a minority stake sale. The stock hit its lower circuit limit on both NSE and BSE.
New Delhi, Aug 21 (PTI) Shares of GE T&D India fell 5 per cent each on the bourses on Wednesday after the company said its promoters are considering selling a minority stake to simplify its holding structure.
The stock of the heavy electrical equipment company declined 5 per cent each of Rs 1,717.50 and 1,725.60 apiece -- to hit its lower circuit limit -- on the NSE and BSE.
The 30-share BSE Sensex dipped 44.05 points or 0.05 per cent to trade at 80,758.81, however, NSE Nifty rose 25.15 points to 24,724 in the morning trade on Wednesday.
On Tuesday, GE T&D India said its promoters, GE Grid Alliance BV (formerly Alstom Grid Holding BV) and Grid Equipments, are in the process of reviewing their shareholding structure of the company, so as to simplify its holding structure.
In this regard, it will evaluate and assess their current shareholding in the company including evaluating the possibility of a minority stake sale by the promoter group in the firm, the company said in a regulatory filing.
Further, the promoter group expressed its strong intention to continue as the majority shareholder of the company, it added.
GE T&D India offers products and services for power generation, transmission and distribution. It is a leading player in the power transmission and distribution business.
Currently, GE Grid Alliance BV holds 6.46 per cent and Grid Equipments Pvt Ltd owns a 68.54 per cent stake in GE T&D India.
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