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ABC Bearings to merge with Timken India; stock zooms 62% in 3 days

The stock trading at its record high of Rs 286, surging 62% from Rs 177 on June 30, 2017

SI Reporter  |  Mumbai 

handshake, merger, alliance

was locked in upper circuit for the second straight day, up 20% at Rs 286 on BSE, after the company said that the board has approved the with

Shareholders of will get five shares of for eight shares held, according to the filing to the stock exchanges.

The stock trading at its record high level has zoomed 62% in past three trading sessions from Rs 177 on June 30, 2017.

The Scheme is subject to the approval of the shareholders and creditors of ABC Bearings, approval of the regulatory authorities and the sanction of the National Company Law Tribunal (NCLT), the company said in a statement.

The transaction contemplated under the Scheme is expected to close in the quarter ended March 31, 2018, subject to the receipt of all approvals. The transferor company shall stand dissolved without winding up pursuant to the Scheme, it added.

is a subsidiary of The Timken Company, which is a US based leading manufacturer of taper roller bearings, which is the also the main product currently being manufactured by the

Both the and intend to and can achieve larger product portfolio, access new domestic and export markets, increase market share, economies of scale, efficiency, and other related economies through this Amalgamation, the company said.

Till 9:25 am; around 9,326 shares of have changed hands and there were pending buy orders for 1.61 million shares on BSE.

was trading 4% higher at Rs 700, after hitting high of Rs 708 in early morning trade.

First Published: Wed, July 05 2017. 09:29 IST