Carrier International (Mauritius) Limited, a subsidiary of US-based UTC, has divested its balance equity stake in Hyderabad-based tech firm Cyient. The deal is subject to ratification by the trade settlement procedures of the stock exchanges. Various mutual funds and institutional investors have reportedly bought the stake from the UTC arm.
Carrier International (Mauritius) seemed to have sold its entire holding of 13 million shares in Cyient. Market sources said the sale might have fetched about $100 million.
“This is the second tranche of divestment, the first being done earlier on June 7, 2017. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company,” a Cyient statement said on Wednesday.
UTC is a big client for Cyient, with over 1,600 engineers engaged on projects globally. “Their decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made,” said Cyient CEO Krishna Bodanapu.