Singapore, Nippon India Buy Timken India Shares After Promoter Trims Stake Worth Rs 1,956 Crore

Two Singapore-based funds and Nippon India Mutual Fund are among the buyers of Timken India Ltd. shares after its sole promoter pared its stake via open market deals on Tuesday.

Timken Singapore Pte sold 50 lakh shares, or 6.64% equity, in the company for Rs 1,956 crore, according to block deal data on the BSE. The promoter held a 57.7% stake as of March.

The Government of Singapore bought 28.49 lakh shares (3.78%), Nippon India Mutual Fund acquired 4.21 lakh shares (0.55%) and the Monetary Authority of Singapore purchased 3.51 lakh shares (0.46%).

The shares were bought and sold at an average price of Rs 3,913.35 apiece.

Timken India shares closed 2.78% higher at Rs 4,062.8 apiece, as compared with a 0.29% decline in the S&P BSE Sensex.