Denso India is trading higher by 4% at Rs 98.50 after Denso Corporation, the promoter of the company has announced an indicative offer price of Rs 95 per share for delisting shares of the company from the stock exchanges.
The stock opened at Rs 99.50 and hit a high of Rs 99.75, its highest level since November 2010, on BSE. A combined 32,016 shares have changed hands on the counter so far on BSE and NSE.
“On July 17, the company has received a letter from Japan-based Denso Corporation, one of the company's promoters, informing the company of its decision to voluntarily delist the company's equity shares from the stock exchanges at an indicative price of Rs 95 per share,” Denso India said in a statement.
The indicative offer price is a premium over the floor price of Rs 59.70 per share set in May this year, it added.
In April this year, Denso Corporation, proposed to acquire up to 7.40 million equity shares, representing 26.54% stake held by public shareholders in the company.
The stock opened at Rs 99.50 and hit a high of Rs 99.75, its highest level since November 2010, on BSE. A combined 32,016 shares have changed hands on the counter so far on BSE and NSE.
“On July 17, the company has received a letter from Japan-based Denso Corporation, one of the company's promoters, informing the company of its decision to voluntarily delist the company's equity shares from the stock exchanges at an indicative price of Rs 95 per share,” Denso India said in a statement.
The indicative offer price is a premium over the floor price of Rs 59.70 per share set in May this year, it added.
In April this year, Denso Corporation, proposed to acquire up to 7.40 million equity shares, representing 26.54% stake held by public shareholders in the company.
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