By Malvika Gurung
Investing.com -- Shares of the bearings manufacturer Timken India (NS:TIMK) plunged 10.16% on Tuesday and hit the day’s low at Rs 3,134.15 apiece after its parent company reportedly sold an over 8% stake in the company via a block deal on June 20, 2023.
According to reports, the parent company of Timken India, Timken Singapore Pte Ltd was expected to sell an 8.4% stake in Timken India, or about 63 lakh equity shares through open market transactions on Tuesday.
As per the term sheet issued by BofA Securities, which is the only broker of the said deal, the parent company has set a floor price of Rs 3,000/share, while the base offer size of the deal stood at Rs 1,890 crore.
As per Timken India’s shareholding pattern as on March 31, 2023, its promoter company Timken Singapore Pte Ltd held a 67.8% stake in the company, which is a total of 5,09,99,988 equity shares of Timken India.