Get latest articles and stories on Latest News at LatestLY. Timken Singapore Pte, promoter of bearings-maker Timken India, on Tuesday offloaded a 6.6 per cent stake in the company for Rs 1,956 crore through open market transactions. Latest News | Timken India Promoter Pares 6.6 Pc Stake for Rs 1,956 Crore.
Timken Singapore Pte, promoting Timken India, divested a 6.6% stake, equivalent to 50 lakh shares, in the company for Rs 1,956 crore through open market transactions. Buyers included notable mutual funds and financial corporations. Post-sale, Timken Singapore's share in Timken India reduced to 51.06% from 57.70%.
Timken Singapore Pte Ltd sold around 7.6 million shares in the open market in a deal valued at Rs 2,361.89 crore, bringing down its stake to 57.7 percent from 67.8 percent
Timken India topped the turnover chart with a turnover of Rs 1,242 crore on NSE and Rs 2,804.01 crore on BSE. Promoter Timken Singapore Pte was looking to offload 8.4 per cent stake in the company through block deals today.