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According to the media reports, Timken Singapore offloaded 63 lakh equity shares, or an 8.4% stake, in the company through block deals today 20 June 2023 via a block deal amounting to Rs 1,890 crore.
The floor price for the transaction was at around Rs 3,000 per share, a 14% discount to the closing price for 19 June 2023.
Timken Singapore owned 67.8% stake in Timken India, as per shareholding data for the quarter ending March 2023.
On the BSE, 89.79 lakh shares of the company were traded in the counter so far as against an average trading volume of 6,044 shares in the past three months.
On the NSE, 38.15 lakh shares of the company were traded in the counter so far as against an average trading volume of 62,190 shares in the past three months.
Timken India manufactures bearings. It works directly with large OEM customers and with end users through a network of authorized distributors to make design and application recommendations to optimize performance and reliability. It also offer a breadth of bearing repair and related mechanical power transmission services to its customers.
Net profit of Timken India declined 13.84% to Rs 104.51 crore on 20.24% increase in net sales to Rs 802.52 crore in Q4 March 2023 over Q4 March 2022.
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