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%.
The share sale is expected to have a floor price of Rs 3,550 per share, which is a 10.2% discount to Monday s closing price. CNBC-TV18 also learns that there will be a 180-day lock-in for the sellers.
Engineers India, Aditya Birla Fashion and Retail, Amara Raja Energy & Mobility, Aster DM Healthcare, EIH, Exicom Tele-Systems, and IRCTC are among the 440 companies set to announce their March quarter earnings on Tuesday.