Multinational company (MNC) Honeywell will sell about 6%t of its holding in its Indian-arm Honeywell Automation of India (HAIL) tomorrow by way of offer for sale (OFS) route to meet the minimum public shareholding requirement.
Honeywell Asia Pacific Inc, which holds 81.24%t stake in the company, will sell 551,333 shares of HAIL at a floor price of Rs 2,150 per share.
Post the share sale, which comprises of 6.24%t stake in the company, the promoter holding in the company will come down to 75%.
Shares of the company today closed up by Rs 63.85, or 2.75% higher at Rs 2,388.15.
HAIL joins MNCs like Fresenius Kabi Oncology, Disa India, Blue Dart Express and Xchanging Solutions, who were touted to be delisting candidates by the market but instead went for share-sale to reduce promoter holding.
Shares of HAIL had almost doubled this year till November on speculation that the company might go for delisting.
However, after the company clarified that it plans to bring down the promoter holding to 75% shares of the company saw a drop. HAIL stock has declined 28%t from its highs in November.
