On Tuesday, Timken India, a bearings manufacturer, saw a significant surge of 7.5% to reach a high of Rs 4,250 on the BSE, attributed to a substantial block deal valued at approximately Rs 1,800 crore, involving the exchange of 6.65% of equity shares.
Get latest articles and stories on Latest News at LatestLY. Timken Singapore Pte, promoter of bearings-maker Timken India, on Tuesday offloaded a 6.6 per cent stake in the company for Rs 1,956 crore through open market transactions. Latest News | Timken India Promoter Pares 6.6 Pc Stake for Rs 1,956 Crore.
Timken Singapore Pte, promoting Timken India, divested a 6.6% stake, equivalent to 50 lakh shares, in the company for Rs 1,956 crore through open market transactions. Buyers included notable mutual funds and financial corporations. Post-sale, Timken Singapore's share in Timken India reduced to 51.06% from 57.70%.
The share sale is expected to have a floor price of Rs 3,550 per share, which is a 10.2% discount to Monday s closing price. CNBC-TV18 also learns that there will be a 180-day lock-in for the sellers.