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Timken Singapore proposes to sell stake in Indian unit for US$231 million

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Published Mon, Jun 19, 2023 · 10:25 PM
    • The floor price of the stake sale to institutional investors by Timken Singapore is set at 3,000 rupees a share, a 14 per cent discount to Monday’s (Jun 19) closing level.
    • The floor price of the stake sale to institutional investors by Timken Singapore is set at 3,000 rupees a share, a 14 per cent discount to Monday’s (Jun 19) closing level. PHOTO: TIMKEN

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    THE Singapore-based parent of Timken India has proposed to sell an 8.4 per cent stake in the Indian bearings and power transmission products maker for up to US$231 million on Jun 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 per cent discount to Monday’s (Jun 19) closing level. BofA Securities is the sole bookrunner for the stake sale.

    Timken Singapore owned a 67.8 per cent stake in the Indian unit as of Mar 31, according to exchange data.

    Shares of Timken India have risen over 12 per cent so far this year. REUTERS

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