 "Timken Singapore proposes to sell 8.4% stake in Indian unit for $231 mn")
By Scott Murdoch
HONG KONG (Reuters) - The Singapore-based parent of Timken India has proposed to sell an 8.4% stake in the Indian bearings and power transmission products maker for up to $231 million on June 20, according to the term sheet of the deal, seen by Reuters.
The floor price of the stake sale to institutional investors by Timken Singapore is set at 3,000 rupees a share, a 14% discount to Monday's closing level. BofA Securities is the sole bookrunner for the stake sale.
Timken Singapore owned a 67.8% stake in the Indian unit as of March 31, according to exchange data.
Shares of Timken India have risen over 12% so far this year.
(Reporting by Varun Vyas in Bengaluru and Scott Murdoch in Hong Kong; Editing by Nivedita Bhattacharjee)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app