Goodyear India zooms 20% on delisting plan

Goodyear India was frozen at its 20% upper limit at  Rs 223.50 through out the day.
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(Updated at 1044hrs)

Goodyear India has hit the 20% upper limit at Rs 223.50 in opening trades, after the company announced voluntary delisting of equity shares from the Bombay Stock Exchange (BSE). As many as 32,039 equity shares changed the hands on the counter so far, as compared to two-week average of 8,569 shares.

The company informed the BSE, that the board of directors has approved the delisting of equity shares of the company, after the promoter, the Goodyear Tyre & Rubber Company (GTRC), on February 08 initiated a voluntary delisting of the equity shares of the Goodyear India from the BSE. At present, GTRC holds 74% of the total paid-up share capital of the company.

Individual shareholders hold 19% stake followed by corporate bodies which hold 4% and institutional investors hold 3% stake in the company at the end of December 2009, according to shareholding pattern filed by the company.