Timken India Promoter Sells 6.6% Stake for Rs 1,956 Crore in Open Market

In a significant move in the Indian financial market, Timken Singapore Pte, a key promoter of Timken India, has sold a 6.6 per cent stake in the bearings manufacturer for Rs 1,956 crore through open market transactions. This sale took place on Tuesday and saw participation from several prominent buyers including Axis Mutual Fund MF, Nippon India MF, UTI MF, HDFC Life Insurance, Morgan Stanley Asia Singapore, BofA Securities Europe SA, the Singapore government, and the Monetary Authority of Singapore.

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The transaction involved the sale of 50 lakh shares in 17 separate tranches on the Bombay Stock Exchange (BSE). According to the data available, these shares were sold at an average price of Rs 3,913.35 each, culminating in a total deal value of Rs 1,956.67 crore. Following this transaction, Timken Singapore Pte's shareholding in Bengaluru-based Timken India has decreased to 51.06 per cent from 57.70 per cent.

Interestingly, this is not the first time Timken Singapore Pte has reduced its stake in Timken India. In June of the previous year, it divested a 10.1 per cent stake for Rs 2,362 crore. On the day of the recent transaction, shares of Timken India experienced a positive uptick, closing at Rs 4,062.80 apiece on the BSE, marking a 2.78 per cent increase.

In a parallel development in the Indian stock market, Chinese conglomerate Tencent made headlines by selling a 1.2 per cent stake in PB Fintech, the parent company of Policybazaar, for Rs 664 crore through an open market transaction on the National Stock Exchange (NSE). This sale was executed by Tencent through its affiliate Tencent Cloud Europe BV and involved 55 lakh shares at an average price of Rs 1,208.20 each.

As a result of this transaction, Tencent Cloud Europe BV's stake in PB Fintech has been reduced to 5.05 per cent from 6.26 per cent. The identities of the buyers in this deal were not disclosed. Following this news, shares of PB Fintech witnessed a decline, closing at Rs 1,194.40 apiece on the NSE—a drop of 4.62 per cent.

PB Fintech operates two major online platforms—Policybazaar and Paisabazaar—which serve large and highly untapped markets in online insurance and lending respectively.

These transactions highlight significant shifts within the Indian stock market and reflect broader trends in investment and divestment strategies among major stakeholders. They also underscore the dynamic nature of shareholding patterns among leading companies in India's burgeoning financial sector.