Timken India is trading higher by 3% to Rs 156, extending its previous day’s about 5% rally, after the company said it has received a strong response for its institutional private placement issue. The issue was subscribed by over five times.

“The company has received applications for 21.9 million equity shares against 4.26 million shares offered in the issue,” Timken India said in a filing.

The US-based specialised steel company has fixed the issue price at Rs 120 per share, at the upper end of the price band of Rs 115-Rs 120 per share.

The move was to comply with SEBI’s minimum public holding norms. As on December, the promoter’s held 80.02% stake in the company.

The stock opened at Rs 153 and hit a high of Rs 158 on NSE. A combined 146,975 shares have changed hands on the counter so far on NSE and BSE.

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