Timken Singapore to sell 6.6% stake in Timken India, deal size Rs 1,775 crore: CNBC-TV18

The share sale - brokered by BofA - is expected to have a floor price of Rs 3,550 per share, which is a 10.2% discount to Monday's closing price.

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Parent entity Timken Singapore is looking to sell 6.6 percent stake in Timken India - worth Rs 1,775 crore - at a sharp discount to last traded price, CNBC-TV18 learns through sources.

The share sale - brokered by BofA - 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.

It is the second such block of share sale in Timken India, expected to take place on Tuesday, May 28. Shares of the company have run up by about 22 percent so far this year.

About Timken India

Timken India manufactures and distributes anti-friction bearings and mechanical power transmission products for various sectors.

When it was incorporated in 1987, Timken was a JV between Tata Iron and Steel (TISCO) and The Timken Company, but later, Timken acquired its 40% stake from Tata Steel and renamed the company.

Follow Timken India's Q4FY24 results here