Timken India share price cracked 11 per cent in morning trade on Tuesday after the company's parent Timken Singapore Pte Ltd sold a stake in its Indian subsidiary in a bulk deal. The stock opened at ₹3,198 against its previous close of ₹3,485.50 and soon plunged 11 per cent to the intraday low of ₹3,100.30 in trade so far.
Around 10:10 am, the stock was down 7.50 per cent at ₹3,224. BSE data showed that about 88.7 lakh shares of the company changed hands on BSE by 10:10 am.
As per media sources, Timken Singapore Pte. had decided to sell as many as 63 lakh shares, or 8.4 per cent of the total equity of the company, through a block deal at a floor price of ₹3,000 per share which is a 14 per cent discount to ₹3,488.70 per share close of the stock on NSE on June 19, 2023. The base offer size of the deal was ₹1,890 crore. BofA Securities was the broker of the deal.
As per the shareholding data available on BSE, Timken Singapore Pte. held 67.80 per cent shares in the company as of March 31, 2023.
Timken Company, as per its website, “is a global industrial leader with a growing portfolio of engineered bearings and power transmission product brands. Timken India Limited, a Timken Company subsidiary, started manufacturing bearings in India nearly three decades ago. Timken offers friction management solutions that maximize performance, fuel efficiency and equipment life. It offers a variety of bearing repair and related mechanical power transmission services to its customers.”
Timken India shares hit their 52-week high of ₹3,760.80 on November 21, 2022. As of the previous session's close, the stock is down 7 per cent from its one-year peak.
The stock is up 12 per cent in the calendar year so far against a 4 per cent gain in the benchmark Sensex.
