Sahney Family Divests More NRB Bearings Holdings

Resource from: CBCC Likes:2938

Jan 04,2007

The share-controlling Sahney family, led by Triolchan Singh Sahney, recently sold off 392,229 shares of NRB bearings (India; BSE: 530367) at Rs 500 each, according to regulatory filings. The sales represents a huge financial gain, coming just over a year after the Sahneys acquired 2.5 million shares from Timken for Rs 230 per share, or $13 million total. Until mid-November 2005, Timken owned 26% of NRB, a legacy from its 2003 acquisition of Torrington, which had in turn acquired Nadella (France) and its NRB ownership. In November 2005, Timken divested its 2.5 million share stake to two Sahney family-controlled entities for Rs 230 per share. Timken's sale was at a significant discount; NRB shares had been trading that day on the Bombay Stock Exchange and National Stock Exchange for Rs 330 per share. By the end of 2006, the Sahney family was to reduce its NRB holdings from 85% to 75%, to comply with BSE stock market requirements limiting ownership in publicly traded companies. By the end of third quarter, the Sahney family still held 80.7% of NRB's outstanding shares. This most recent sale leaves the Sahney family and family-owned investment companies approximately at the 75% threshold, with nearly 7.4 million shares. The sale did not come until after the shares had gone ex-dividend at Rs 8 per share, however.

()

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Federal-Mogul Expanding Blacksburg Engine Bearing Plant
Next BSA Winter Meeting Offers Exceptional Networking Opportunity

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.

Quik Links

Language

Sahney Family Divests More NRB Bearings Holdings

Our Partner

Friendly Link