By Scott Murdoch
HONG KONG (Reuters) – The Singapore-based parent of Timken India has proposed to sell an 8.4% stake in the Indian bearings and power transmission products maker for up to $231 million on June 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% discount to Monday’s closing level. BofA Securities is the sole bookrunner for the stake sale.
Timken Singapore owned a 67.8% stake in the Indian unit as of March 31, according to exchange data.
Shares of Timken India have risen over 12% so far this year.
(Reporting by Varun Vyas in Bengaluru and Scott Murdoch in Hong Kong; Editing by Nivedita Bhattacharjee)