Promoter Timken Singapore Pte Ltd. is looking to sell a 6.6% stake in Timken India Limited (BSE:522113) for INR 17.75 billion, as per a term sheet obtained by Mint. The promoters are offering to sell up to 5 million shares, with a total deal value estimated to be around INR 17.75 billion ($213 million). The shares are being offered at a floor price of INR 3,550 per share, representing a discount of 10.2% compared to Timken India's closing price of INR 3,951.5 on the NSE on 27 May 2024.

Spokespersons of Bank of America, which is managing the stake sale, did not respond to Mint's request for comment. Currently, Timken Singapore holds a 57.7% stake in Timken India, which manufactures anti-friction bearings, primarily tapered roller bearings, and mechanical power transmission products for customers in diverse sectors. This is not the first time that Timken India's promoters are exploring a stake sale.