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US-based specialised steel company Timken India’s institutional private placement of shares will open on Wednesday at a price band of Rs 115-120 a share.
The move is to comply with SEBI’s minimum public holding norms. Currently, the promoter’s hold 80.02 per cent stake in the company.
The stock slipped 1.5 per cent to Rs 139.5 around 11 a.m on Tuesday. In early trade it tumbled to a low of Rs 133 on the BSE.
A private listed company must have a minimum public shareholding of 25 per cent by the end of June this year, according to SEBI’s minimum public shareholding.
Timken India has informed the stock exchange that the board, at its meeting on January 14, considered a public issuance, private placement or a combination thereof of up to 4,265 lakh equity shares.
This will help in increasing the institutional holding in the company as foreign institutional investors and domestic funds hold only 0.93 per cent and 1.4 per cent stake respectively in the company.
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