Denso India rallies on board nod for delisting plan

The promoters has proposed to acquire up to 7.40 million equity shares or 26.54% stake held by public shareholders in the company.

Denso India has hit the upper circuit of 5% of Rs 55.50 on the Bombay Stock Exchange (BSE), after its board approved the delisting of equity shares of the company from the stock exchanges.

The auto parts and equipments maker on Friday, April 6, has received a letter from Denso Corporation, Japan, one of the company’s promoters, informing the company of its decision to voluntarily delist the company’s equity shares from the stock exchanges.

“The promoters has proposed to acquire up to 7.40 million equity shares representing 26.54% stake held by public shareholders in the company,” Denso India said in a statement.

The promoter presently holds 13.36 million representing 47.93% of the paid-up equity share capital of the company. The company’s equity shares presently listed at the BSE, Madras Stock Exchange (MSE) and Delhi Stock Exchange (DSE).

However, the company said that its equity shares are permitted to be traded by National Stock Exchange of India (NSE).

A combined around 240 shares have changed hands on the counter in morning deals and there are pending buy orders for 413,071 shares on BSE and NSE.