Honeywell Automation soars on delisting buzz

Honeywell Asia Pacific, the parent company planning to delist the company?s shares from the Indian stock exchanges.

Honeywell Automation India has soared 14% to Rs 3,260 on buzz that Honeywell Asia Pacific, the parent company, is planning to delist the company’s shares from the Indian stock exchanges.

“A leading foreign bank has already been given the mandate to run the process of delisting. The delisting via reverse book building process is likely to be by FY13-end,” the CNBC-TV18 report suggests.

However, Honeywell Automation India has clarified to BSE that "We do not comment on market speculation. The news item is clearly speculative and incorrect in nature and they have not accounted for the official statement from Honeywell."

As on September 30, 2012, Honeywell Asia Pacific holds 81.5% stake in the company. The remaining 18.5% stakes are with the public shareholders, includes individual shareholders (11.23%), domestic institutional investors (4.98%) and bodies corporate (2.02%).

The stock opened at Rs 2,900 and hit a high of Rs 3,330 on the BSE. As many as a combined 214,364 shares have changed hands on the counter so far against an average around 2,000 shares that were traded daily in past two weeks.