ABC Bearings gains 20%, Timken India up 5% on merger approval
Shares of ABC Bearings has locked at 20 percent upper circuit and Timken India gained nearly 5 percent on Wednesday as ABC Bearings is going to merge with the later one.
The board of directors of ABC Bearings and Timken India in their respective board meeting held on July 4, has approved the merger of ABC Bearing into Timken India through a scheme of amalgamation and arrangement amongst ABC Bearing, Timken India and their respective shareholders and creditors.
The said scheme is subject to the approval of the shareholders and creditors of ABC Bearings, approval of the regulatory authorities and the sanction of the National Company Law Tribunal.
Timken India will issue 5 equity shares of Rs 10 each for every 8 shares held in the ABC Bearings of Rs 10 each.
At 09:37 hrs ABC Bearings was quoting at Rs 285.70, up 19.99 percent and there were pending buy orders of 1,611,100 shares, with no sellers available.
Timken India was quoting at Rs 706.90, up Rs 30.95, or 4.58 percent on the BSE.
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