Timken India Gained Nearly 5 Percent

Shares of ABC Bearings has locked at 20 percent upper circuit and Timken India gained nearly 5 percent as ABC Bearings is going to merge with the later one.

The board of directors of ABC Bearings at its 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," ABC Bearings said in press release.

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.

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