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Shares of Timken India tumbled 11 per cent to a low of Rs 3,100 on the BSE in Tuesday's intra-day deals amid heavy volumes. Reportedly, the parent company Timken Singapore was to sell up to 8.4 per cent stake in the company today.
At 10 AM, the stock had recouped some of the losses but was still down over 7 per cent at Rs 3,235. The counter had seen combined volume of around 12 million shares on the BSE and NSE, representing almost 16 per cent of the total company's equity.
According to a Reuters report, Singapore-based parent of Timken India had proposed to sell an 8.4 per cent stake in the Indian bearings and power transmission products maker for up to $231 million on June 20.
BofA Securities was to be the sole bookrunner for the stake sale, and the floor price of the stake sale to institutional investors by Timken Singapore was set at Rs 3,000 per share.
The promoter company, Timken Singapore owned a 67.8 per cent stake in the Indian unit as of March 31, BSE data shows.
For the quarter ended March 2023, Timken India had reported a 13.8 per cent dip in net profit to Rs 10.45 crore as against Rs 12.13 crore in the corresponding period a year ago. Total income, however, was up 20.2 per cent year-on-year (YoY) at Rs 80.25 crore.
Meanwhile, the S&P BSE Sensex was down 0.4 per cent or 250 points at 62,913 in trades on Tuesday.
