Simpson and Company Limited agreed to acquire 8.79% stake in Bimetal Bearings Limited (BSE:505681) from India Pistons Limited for approximately INR 120 million on January 16, 2017. Under the terms of the agreement, 0.33 million shares will be acquired for INR 370 per share. Post transaction, Simpson and Company Limited will hold 1.11 million shares representing 29.05% and India Pistons Limited will hold 0.76 million shares representing 20% stake in Bimetal Bearings Limited. The transaction will close on January 20, 2017.