Timken India tanks ~7% as Singapore parent plans to offload stake

20 Jun 2023 , 12:37 PM

Timken India’s counter plunged as much as 7% in Tuesday’s trading session as the parent Timken Singapore proposes to sell an 8.4% stake in the company.

As per the reports, the parent plans to sell 63 lakh shares for Rs 1,890 crore in an open market transaction.

At around 12.30 PM, Timken India was trading 6.68% lower at Rs 3,255.55 per piece, against the previous close of Rs 3,488.70 on NSE. The counter touched an intraday low of Rs 3,134.15.

Timken Singapore has set the floor price at Rs 3,000 per share, representing a 14% discount to Monday’s closing price, according to the term sheet issued by BofA Sec. As of March 31, 2023, Timken Singapore owned 67.8% of the Indian firm.

Over the years, Timken has established itself as a trusted manufacturer and supplier of high-quality bearings and power transmission components. With over a century of knowledge and innovation, the company is constantly improving the dependability and efficiency of global industries in order to move the world forward.

Timken’s product portfolio includes a wide variety of bearings, such as ball bearings, cylindrical roller bearings, tapered roller bearings, and spherical roller bearings.

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