Honeywell Automation India has dipped almost 7% in opening deals after its promoter - Honeywell Asia Pacific Inc. - fixed the floor price for the offer-for-sale (OFS) at Rs 2,150, a 10% discount to Thursday’s closing on the BSE.
Honeywell Asia Pacific, the parent company propose to sell an aggregate of 551,333 equity shares, representing 6.24% stake, of the company on the separate window provided by the stock exchanges.
The share sale shall commence on today at 9.15 IST and shall close on the same day at 15.30 IST,” the company said in a filing. Meanwhile, Angel Broking has maintains Buy recommendation on the stock with a target price of Rs 2,842.
The stock hit a high of Rs 2,346 and has seen a combined 21,673 shares changing hands on the counter in opening deals on both the exchanges.
