Kirloskar Oil Engines' promoter entities on Wednesday divested 17.71 per cent stake in the company for ₹825 crore through open market transactions.

The promoter and promoter group which offloaded the shares include Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni and Nihal Gautam Kulkarni.

Nomura Trust and Banking Co. Ltd, Societe Generale, Sageone Investment Managers LLP, the Regents of the University of California, BNP Paribas Arbitrage, Max Life Insurance Company and DSP Mutual Fund, among others, were the buyers of the shares.

According to the block deal data available with the National Stock Exchange (NSE), the promoter and promoter group sold a total of 2,56,22,987 shares, amounting to 17.71 per cent stake in the company.

The shares were sold at an average price of ₹322 each scrip, taking the total transaction value to Rs 825.06 crore.

On Wednesday, shares of Kirloskar Oil Engines rallied 20 per cent to settle at ₹390.05 apiece -- its 52-week high -- on the NSE.