Timken promoter sells Rs 1,956-crore stake

Mumbai: Promoter Timken Singapore PTE sold shares of Timken India worth 1,956 crore in a block deal on BSE on Tuesday. The promoter sold 50 lakh shares at 3,913.35 apiece. Timken Singapore PTE owned 57.70% stake in the company as of March 31.

Government of Singapore, Monetary Authority of Singapore, HDFC Life, UTI MF and Nippon India MF were among some of the buyers. Shares of Timken India rose 2.78% to close at 4,062.80 on Tuesday. In last one month, the company’s shares gained 28.15% against an up-move of 1.94% in BSE 500 Index.