Cyient DLM Promoter Sells 14.5% Stake for Rs 879 Cr

New Delhi, Aug 21 (PTI) Cyient Ltd, promoter of Cyient DLM, on Wednesday sold 14.5 per cent stake in electronic manufacturing services for Rs 879 crore through open market transactions to HDFC Mutual Fund (MF), Citigroup Global Markets, Morgan Stanley.

According to the bulk deal data available on the BSE, Cyient Ltd offloaded more than 1.14 crore shares, or 14.5 per cent stake, in Cyient DLM.

The shares were disposed of at an average price of Rs 764.40 apiece, taking the deal value to Rs 879 crore.

After the stake sale, Cyient Ltd's stake in Cyient DLM has declined to 52.16 per cent from 66.66 per cent.

Meanwhile, HDFC MF, Aditya Birla Sun Life MF, Edelweiss MF, Nippon India MF, Citigroup Global Markets Mauritius and Morgan Stanley Asia Singapore picked up 94.88 lakh shares, or 11.96 per cent stake, in Cyient DLM.

These shares were purchased at the same price, taking the transaction value to Rs 725.31 crore.

Details of the other buyers of Cyient DLM's shares could not be identified.

On Wednesday, shares of Cyient DLM fell 1.57 per cent to close at Rs 776.10 per piece on the BSE.

Cyient DLM, a subsidiary of Cyient, is a leading integrated EMS and solutions provider with a focus on the entire life cycle of a product, including design, build, and maintenance.