Denso India surges as delisting gets maximum bids at premium

Denso (India) has surged over 7% at Rs 135 after Denso Corporation which made an offer to delist shares of the company received maximum bids at a premium to floor price. The automotive component maker received cumulative bids for just over 60% of its offer size.

Denso Corporation was planning to acquire the remaining 26.54% stake or 7.40 million equity shares in its Indian arm has received bids for 4.67 million shares, according to information available on the BSE website.

The maximum bids for 2.67 million shares were received at Rs 136, whereas the floor price had been Rs 59.70 a share.

The delisting carried out through the reverse book building process began on September 17 and concluded on Friday.

In a filing to the BSE, the company said the floor price for the delisting offer is Rs 59.70 per share, while the indicative price has been set at Rs 95 per share.

Currently, the promoters held 73.46% stake in the company, will delist from the stock exchanges upon reaching the minimum 90% shareholding.

The stock opened at Rs 126 and touched a low of Rs 136 on NSE. A combined 112,404 shares change hands on the counter so far on NSE and BSE.