Denso India surges as parent delisting offer begins today
Denso Corporation, Japanese parent company has made delisting offer to acquire the balance 26.54% stake from the public.
Denso (India) is locked in upper circuit of 10% at Rs 126.30 on NSE after the voluntary delisting offer made by its Japanese parent company Denso Corporation to acquire the balance 26.54% stake begins today. The offer will closes on September 20.
The company has fixed Rs 59.70 per share as a floor price for the delisting offer, while the indicative price has been set at Rs 95 a share.
Denso Corporation is offering to acquire up to 7.40 million equity shares representing 26.54% of the equity capital through the offer.
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 114 and touched a low of Rs 110.80 on NSE. A combined 424,681 shares change hands on the counter and there are pending buy orders for 9,600 shares till 1520 hours on NSE and BSE.
The company has fixed Rs 59.70 per share as a floor price for the delisting offer, while the indicative price has been set at Rs 95 a share.
Denso Corporation is offering to acquire up to 7.40 million equity shares representing 26.54% of the equity capital through the offer.
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 114 and touched a low of Rs 110.80 on NSE. A combined 424,681 shares change hands on the counter and there are pending buy orders for 9,600 shares till 1520 hours on NSE and BSE.