Shares of bearings makers rose across the board at 14:37 IST on BSE after ABC Bearings approved its merger with Timken India.
Menon Bearings (up 19.97%), NRB Bearings (up 6.83%), SKF India (up 3.20%) and Fag Bearings India (up 0.88%), edged higher.
Timken India (up 13.46%) and ABC Bearings (up 20%). The board of Timken India on 4 July 2017, approved the amalgamation of ABC Bearings with the company. The announcement was made after market hours yesterday, 4 July 2017.
As per the proposed scheme, Timken India will issue 5 equity shares for every 8 equity shares held in ABC Bearings. The transaction is expected to close in the quarter ended 31 March 2018, subject to the receipt of all approvals.
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.
The amalgamation will help both the firms to achieve larger product portfolio, access new domestic and export markets, increase market share, economies of scale, efficiency, and other related economies. The scheme intends to merge the operations of ABC Bearings with that of Timken India to fulfill this objective.
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