ABC Bearings to merger with Timken India; stock zooms 62% in 3 days

ABC Bearings was locked in upper circuit for the second straight day, up 20% at Rs 286 on BSE, after the company said that the board has approved the merger with Timken India. Shareholders of ABC Bearings will get five shares of Timken India for eight shares held, according to the filing to the stock exchanges. The stock trading at its record high level has zoomed 62% in past three trading sessions from Rs 177 on June 30, 2017. The 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 (NCLT), the company said in a statement. The transaction contemplated under the Scheme is expected to close in the quarter ended March 31, 2018, subject to the receipt of all approvals. The transferor company shall stand dissolved without winding up pursuant to the Scheme, it added. Nifty Trading Tips