Timken Singapore Plans ₹1,775 Cr Stake Sale in Timken India

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Synopsis:

Timken Singapore aims to sell a 6.6% stake in Timken India for ₹1,775 crore, with a floor price of ₹3,550 per share, representing a 10.2% discount. Timken India's Q4 revenue rose by 11.86% and profit by 35.3%.

Timken India News Today

Timken Singapore Pte Ltd is initiating a sale of a 6.6% stake in Timken India Ltd for an estimated ₹1,775 crore. This move follows a trend of stake sales by the promoters.

Explore: TIMKEN INDIA LTD.

Details of Stake Sale

The promoters are offering up to 5 million shares at a floor price of ₹3,550 per share, indicating a 10.2% discount compared to the closing price on the NSE. Bank of America is likely managing the stake sale.

Previous Stake Sales

Timken Singapore currently holds a majority stake in Timken India, a company known for manufacturing anti-friction bearings and mechanical power transmission products. Previous stake sales by the promoters have been noted, including one in June last year and another by Profusion Investment Advisors in November 2023.

Performance of Timken India

The decision to reduce the stake comes amidst a strong year for Timken India. Its stock price has surged by 26% in 2024, outperforming the Nifty50 index. Timken India reported impressive Q4 results, with revenue up by 11.86% year-on-year and profit increasing by 35.3%.

Additional Insights

The stake sale includes a 180-day lock-in for the sellers, ensuring stability in the market. This is the second block of share sale in Timken India, expected to take place in May. Shares of the company have seen a significant rise of about 22% so far in the year.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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