Vijay Kedia Among Big Winners Of ABC Bearings-Timken India Merger
Vijay Kedia holds 4.75 percent stake in ABC Bearings.
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Prominent investor Vijay Kedia will be among the key beneficiaries of the merger between ABC Bearings Ltd. and Timken India Ltd.
The founder and managing director of Kedia Securities Pvt. owned 5.49 lakh shares or 4.75 percent stake in ABC Bearings as of March 31, according to exchange filings. His holding is currently worth around Rs 15.6 crore.
The merger will benefit both companies, Kedia told BloombergQuint on the phone. “New technology will move into ABC Bearings while Timken India will benefit from portfolio expansion,” Kedia explained.
This merger came as a bolt from the blue for me. In short, ABC Bearings will be moving from single lane road to super expressway.Vijay Kedia, Managing Director, Kedia Securities
Advantage ABC Bearings Shareholders
Shareholders of ABC Bearings will get five shares of Timken India for eight shares held, according to the filing to the stock exchanges. The deal values ABC Bearings at a 77 percent premium to Tuesday’s closing price.
Also Read: Bonanza For ABC Bearings Shareholders
Kedia bought 1.19 lakh shares in ABC Bearings in the quarter-ended December 2014 and subsequently increased his holding in four tranches. He is currently the sixth biggest shareholder in the Mumbai-based company.
Kedia owns more than 3 percent stake in three firms - Repro India Ltd., ABC Bearings, and Sudarshan Chemicals Ltd., according to data compiled by BloombergQuint.
