Honeywell Automation surges ahead of offer-for-sale

The promoter, Honeywell Asia Pacific Inc propose to sell 551,333 shares of the company on December 14, 2012.

Honeywell Automation of India has surged 4% to Rs 2,420 ahead of its offer-for-sale (OFS), which open tomorrow.

 “Honeywell Asia Pacific Inc., the promoter of Honeywell Automation India Ltd., has submitted to BSE a notice of Offer for Sale of 551,333 equity shares of Rs 10/- each representing 6.24% of the equity share capital of on December 12, 2012,” the company said in a filing.

The Sale shall take place on the separate window of the BSE and NSE and shall commence on December 14, 2012 at 9.15 a.m. and shall close on the same day at 3.30 p.m., it added.

 

The floor price for the same will be declared today after closure of trading hours of stock exchange

Angel Broking has maintains Buy recommendation on the stock with a target price of Rs 2,842.

The stock opened at Rs 2,350 and touched high of Rs 2,469 on the BSE. A combined around 45,000 shares have already changed hands on the counter till noon deals against an average less than 10,000 shares that were traded daily in past two weeks.