United Technologies Corporation (UTC) on Wednesday divested its shareholding in Cyient Ltd, a development that saw shares of the Hyderabad-headquartered IT firm losing 7.42% to close the day at ₹485.50 apiece on the BSE.
“Carrier International (Mauritius) Ltd, a subsidiary of UTC, has executed a trade earlier today to divest its balance equity shareholding in Cyient, according to information available on the NSE,” a release from Cyient said. The completion of the transaction, subject to the trade settlement procedures of the stock exchanges.
Information on the shareholding pattern in the company, filed for the quarter ended June, shows that Carrier International (Mauritius) had 1.36 crore shares or around 12% equity in Cyient. The release said this is the second tranche of divestment, the first done on June 7. The UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since that time, the Cyient remained a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide.
“The UTC has been a strategic customer and investor in the company,” Cyient CEO Krishna Bodanapu said. “Their decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made therein. The return on the investment corroborated the impeccable credentials of the Cyient to create value for its investors and we look forward to a bright future, ” he added.
