The share price of Timken India tanked 12 percent in early trade on June 20 after around 84.5 lakh shares, representing 11 percent equity, worth Rs 2,629 crore changed hands on the exchanges.
At 9.17 am, the stock was trading 9.9 percent lower at Rs 3,140 on the BSE. The scrip is up merely 2 percent in 2023 but in the past year, it has gained 35 percent.
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Timken Singapore Pte Ltd was expected to offload 63 lakh equity shares, or an 8.4 percent stake, in the ball-and-roller bearing manufacturing company through block deals on June 20.
The offer size could be Rs 1,890 crore or $231 million. BofA Securities is the sole bookrunner for the transaction.
The floor price for the transaction is at around Rs 3,000 per share, a 14 percent discount to the closing price for June 19.
Timken Singapore Pte Ltd owned 67.8 percent stake in Timken India, as per shareholding data for the quarter ending March 2023.
During the March quarter, the company’s standalone net sales rose 20 percent year on year to Rs 802.52 crore but net profit was down 14 percent at Rs 104.51 crore.
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