More Stories

Informist, Friday, Sept. 19, 2025

--SEBI allows Nikhil Sawhney Trust to take indirect stake in Triveni Turbine 

--Nikhil Sawhney Trust plans to get Triveni Turbine stake via Subhadra Trade 

MUMBAI – The Securities and Exchange Board of India has granted exemption to Triveni Turbine Ltd.'s promoter group Nikhil Sawhney Trust from complying with the regulator's requirements for the proposed indirect stake acquisition in the company. The exemption is valid for one year and is limited to the requirements of making an open offer, but will not be construed as an exemption from the disclosure requirements, SEBI said in an order.

However, the exemption will lapse and cease to exist if Nikhil Sawhney Trust fails to acquire the proposed stake within one year. Rati Sawhney, another promoter of the company and who is also part of Triveni Turbine's promoter group Subhadra Trade and Finance Ltd., had proposed the stake acquisition. As on June, Rati Sawhney held 10.35% stake, or 32.87 million shares, of Triveni Turbine and 26.6% stake in Subhadra Trade and Finance. 

Rati Sawhney will transfer the 26.6% holding in Subhadra Trade to Nikhil Sawhney Trust, which will then indirectly acquire control over Triveni Turbine. "There would be no alteration in the total equity share capital of the target company (Triveni Turbine) as a result of the proposed acquisition," SEBI said in the order. 

The proposed stake acquisition will take place pursuant to a private family understanding intended to streamline ownership, succession, and welfare of the Sawhney family. There will be no change in the effective control and management of the company due to the acquisition, it said. In case of dissolution of the Trust, the assets will be distributed only to the beneficiaries of the trust or to their legal heirs, SEBI said. 

For the quarter ended June, Triveni Turbine had reported a net profit of INR 670 million on revenue of INR 3.45 billion. On Friday, its shares closed 0.2% lower 536.10 on the National Stock Exchange.  End

Reported by Anjana Therese Antony

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.