Cyient DLM slips 3% as Cyient offloads 14.5% equity at ₹766 per share

Shares of Cyient DLM slipped up to 3% to ₹764.4 apiece on the BSE in the early trade on Wednesday, August 21, after news reports said 1.2 crore shares, or 14.5% equity of the company worth ₹883.2 crore, changed hands at ₹766 per share.

Earlier, Cyient said in its exchange filing on Tuesday that its board of directors had approved the sale of up to 1,14,99,390 equity shares, i.e., approximately 14.50% of the total outstanding equity shareholding of its subsidiary, Cyient DLM, via the bock deal mechanism.

On Tuesday, Cyient shares settled over 6% higher at ₹1,934.05 apiece on the BSE, while Cyient DLM ended at ₹788.50, up 0.32%.

Cyient said that its current intent is to utilise the capital proceeds arising from the proposed transaction towards addressing:

• The company’s capital requirements, including but not limited to key investments in its recently announced semiconductor business to support its growth, various organic and inorganic investments, and
• retirement of the company's debts.

Cyient DLM listing

The IPO had a fresh issue aggregating up to ₹592 crore. There was no offer-for-sale (OFS) component.

In a year, shares of Cyient DLM have gained over 39%.

As per news reports, Cyient DLM reported net profit surged 97.76% to ₹10.6 crore on 18.76% rise in revenue from operations to ₹257.89 crore in Q1 FY25 over Q1 FY24. Profit before tax soared 102.72% to ₹14.16 crore in Q1 FY24 as against ₹6.99 crore recorded in the same period a year ago.