Timken India Promoter Pares 6.6 Percent Stake for Rs 1,956 Crore

Timken Singapore sold 50 lakh shares, amounting to a 6.6 per cent stake in Bengaluru-based Timken India. The shares were disposed of at an average price of Rs 3,913.35 apiece, taking the deal value to Rs 1,956.67 crore.

Press Trust of India

Updated on: 29 May 2024 11:20 am

Timken Promoter Pares 6.6 Percent Stake in Company

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.

Axis Mutual Fund (MF), Nippon India MF, UTI MF, HDFC Life Insurance, Morgan Stanley Asia Singapore, BofA Securities Europe SA, Singapore government and Monetary Authority of Singapore were among the buyers of Timken India's shares. Timken Singapore Pte offloaded a total of 50 lakh shares in 17 tranches through separate block deals on the BSE.

As per the data, Timken Singapore sold 50 lakh shares, amounting to a 6.6 per cent stake in Bengaluru-based Timken India. The shares were disposed of at an average price of Rs 3,913.35 apiece, taking the deal value to Rs 1,956.67 crore. After the share sale, shareholding of Timken Singapore Pte has reduced to 51.06 per cent from 57.70 per cent in the company.

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On Tuesday, shares of Timken India rose 2.78 per cent to close at Rs 4,062.80 apiece on the BSE. In June last year, Timken Singapore Pte divested a 10.1 per cent stake in Timken India, for Rs 2,362 crore.

In a separate transaction on the NSE, Chinese conglomerate Tencent offloaded a 1.2 per cent stake in PB Fintech, the parent company of Policybazaar, for Rs 664 crore through an open market transaction.

Tencent through its affiliate Tencent Cloud Europe BV sold 55 lakh shares, amounting to a 1.2 per cent stake in PB Fintech, as per the bulk deal data available on the National Stock Exchange (NSE).

The shares were sold at an average price of Rs 1,208.20 per piece, taking the deal size to Rs 664.51 crore. After the share sale, stakeholding of Tencent Cloud Europe BV in PB Fintech declined to 5.05 per cent from 6.26 per cent.

Details of the buyers of shares could not be ascertained. On Tuesday, shares of PB Fintech plunged 4.62 per cent to close at Rs 1,194.40 apiece on the NSE.

PB Fintech operates the online insurance platform Policybazaar and the credit comparison portal Paisabazaar. Both platforms address large and highly underpenetrated online insurance and lending markets.