Triveni Engineering has set July 22 as the record date for its power transmission business demerger, making today the final opportunity for investors to purchase shares and become eligible for the corporate action. According to reports from The Economic Times, the company announced earlier this year that eligible shareholders will receive one share of Triveni Power Transmission (TPTL) for every three shares of Triveni Engineering held as of the record date. Under SEBI's T+1 settlement cycle, investors must purchase shares at least one trading day before the record date to ensure proper crediting to demat accounts. As per recent reports, today was the last opportunity for investors to buy Triveni Engineering shares so that they are credited to their accounts by Wednesday, making them eligible to receive TPTL shares.
Triveni Engineering shares experienced a significant price adjustment on Wednesday, appearing to plunge nearly 38.5% but actually reflecting a technical price adjustment following the separation of its power transmission business. According to The Economic Times, the stock opened at ₹289.95 apiece on the NSE after a special pre-open session (SPOS) from 9:15 am to 9:45 am, which determined the share price adjustment post-demerger. The company's market capitalisation now stands at ₹5,982 crore after the adjustment, with regular trading beginning from 10 am. Notably, investors taking fresh positions in Triveni Engineering today will not automatically get TPTL shares, as the adjustment only applies to existing shareholders who were eligible for the demerger.
The demerged entity, Triveni Power Transmission, is expected to be listed independently on both NSE and BSE following the corporate action. As reported by The Economic Times, the company operates with more than 14,000 installations across over 80 countries and maintains over 50 GW of installed gear capacity. This demerger follows the company's amalgamation with Sir Shadi Lal Enterprises earlier this year. Shareholders of Triveni Engineering will now actively await the listing of TPTL on stock exchanges BSE and NSE.
Triveni Engineering shares have demonstrated significant volatility, hitting a 52-week low of ₹317.55 in January and subsequently jumping 54% in less than six months to reach a 52-week high of ₹490.1 earlier this month. According to The Economic Times, the shares were trading with marginal gains on Monday ahead of the demerger deadline. The company operates in sugar, ethanol production, and engineering works alongside its power transmission business.
