Promoter pares 10.1 pc stake in Timken India for Rs 2,362 cr

Timken Singapore Pte, promoter of Timken India, on Tuesday divested a 10.1 per cent stake in the firm for Rs 2,362 crore through an open market transaction.

According to the bulk deal data available with the BSE, Timken Singapore Pte offloaded 76 lakh shares, amounting to a 10.1 per cent stake in Timken India Ltd.

The shares were disposed of at an average price of Rs 3,107.75 apiece, taking the transaction value to Rs 2,361.89 crore.

Post the latest transaction, Timken Singapore's shareholding has been reduced to 57.7 per cent from 67.80 per cent at the end of March.

Meanwhile, Kuwait Investment Authority acquired more than 5.07 lakh shares of Timken India at an average price of Rs 3,100.30 per piece.

Shares of Timken India plunged 6.77 per cent to close at Rs 3,249.70 apiece on the BSE.

In a separate transaction, General Atlantic Singapore Kh Pte, an arm of US-based private equity firm General Atlantic offloaded shares of hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) for Rs 696 crore through an open market transaction.

These shares were acquired by SBI Mutual Fund.

According to the block deal data available with the BSE, General Atlantic Singapore Kh sold more than 40.68 lakh shares, amounting to a 5 per cent stake in KIMS.

The shares were sold at an average price of Rs 1,710 per piece, taking the transaction value to Rs 695.74 crore.

In December last year, General Atlantic offloaded shares of KIMS for Rs 215 crore through an open market transaction.

On Tuesday, KIMS shares gained 1.23 per cent to close at Rs 1,720.95 apiece on the BSE.