Singapore parent to sell up to 8.4% in Timken India

MUMBAI: Timken Singapore, the parent of Timken India, has proposed to sell up to 8.4% stake, or 63 lakh shares, in its India listed firm for 1,890 crore on Tuesday through open market transaction.

According to the term sheet issued by BofA Sec, Timken Singapore has fixed the floor price at 3,000 a share, a 14% discount to Monday’s closing price. Timken Singapore owned 67.8% in the Indian firm as of March 31, 2023. Shares of Timken India declined marginally on Monday to close at 3485.50.