Sahney Family Divests More NRB Bearings Holdings

The share-controlling Sahney family, led by Triolchan Singh Sahney, recently sold off 392,229 shares of NRB bearings (India; BSE: 530367) at Rs 500 each, according to regulatory filings. The sales represents a huge financial gain, coming just over a year after the Sahneys acquired 2.5 million shares from Timken for Rs 230 per share, or $13 million total. Until mid-November 2005, Timken owned 26% of NRB, a legacy from its 2003 acquisition of Torrington, which had in turn acquired Nadella (France) and its NRB ownership. In November 2005, Timken divested its 2.5 million share stake to two Sahney family-controlled entities for Rs 230 per share. Timken's sale was at a significant discount; NRB shares had been trading that day on the Bombay Stock Exchange and National Stock Exchange for Rs 330 per share. By the end of 2006, the Sahney family was to reduce its NRB holdings from 85% to 75%, to comply with BSE stock market requirements limiting ownership in publicly traded companies. By the end of third quarter, the Sahney family still held 80.7% of NRB's outstanding shares. This most recent sale leaves the Sahney family and family-owned investment companies approximately at the 75% threshold, with nearly 7.4 million shares. The sale did not come until after the shares had gone ex-dividend at Rs 8 per share, however.