GE T&D India drops after large shareholders plan stake sale at discount

GE Vernova T&D India

19/09/2024 08:18

** Shares of GE T&D India  GETD.NS  down 5%, hit lower limit
of exchange-mandated trading band 
    ** Large shareholders - Grid Equipments Pvt Ltd and GE Grid
Alliance B.V. - propose to jointly sell 11.7% stake in co, with
option to sell 3.9% over and above that 
    ** Floor price at 1,400 rupees per share, a 17% discount to
Wednesday's close 
    ** As of June-end, Grid Equipments held 68.5% stake in GETD,
GE Grid Alliance B.V. owned a 6.5% stake 
    ** Stock's drop comes as wider markets are at record highs
after U.S. Federal Reserve's large rate cut  .BO 
    ** YTD GETD has more than tripled 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))