Timken Singapore Pte Ltd, the parent Company of Timken India (TI) has sold a significant stake of TI.
- It has sold 7.6 million shares in the open market
- The consideration for the same is around Rs 2,361.89 crore i.e., abt Rs 3,100/ share which is 11% discount from the previous closing price
- It’s stake has consequently declined to 57.7% from 67.8%
Divestment seems to be in the normal course and without any noticeable concerns. The parent continues to own majority stake in the Company.