BAJAJ BROKING
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 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.
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.
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.
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%.
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.
For All Disclaimers Click Here https//bit.ly/3Tcsfuc
Share this article:
Disclaimer :
The information on this website is provided on "AS IS" basis. Bajaj Broking (BFSL) does not warrant the accuracy of the information given herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or suitability for any particular purpose. While BFSL strives to ensure accuracy, it does not guarantee the completeness, reliability, or timeliness of the information. Users are advised to independently verify details and stay updated with any changes.
The information provided on this website is for general informational purposes only and is subject to change without prior notice. BFSL shall not be responsible for any consequences arising from reliance on the information provided herein and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability. Interest rates, fees, and charges etc., are revised from time to time, for the latest details please refer to our Pricing page.
Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by BFSL or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.
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.
For more disclaimer, check here : https://www.bajajbroking.in/disclaimer
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading