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Panasonic Appliances hits 52-week high on board nod for delisting proposal

The stock locked in upper circuit of 5% at Rs 194 on BSE.

SI Reporter  |  Mumbai 

Panasonic Appliances India has locked in upper circuit of 5% at Rs 194, also its 52-week high on BSE, after the company said its board have approved the delisting proposal received from the promoters, , Panasonic Corporation.

“On October 17, the company received the proposal from the promoters, Panasonic Corporation on the intention to delist the equity shares of the company from the stock exchanges,” Panasonic Appliances India said in a statement.

The board also approved the proposal to convene a meeting of the board of directors on October 28, 2014 to consider seeking approval of shareholders through postal ballot for the voluntary delisting of equity shares proposed by Panasonic Corporation, it added.

As of June 2014, out of total 74.22% promoters holding, Panasonic Corporation held 57.28% stake in household appliances company, the shareholding pattern data shows.

At 1040 hours, a combined 3,555 shares changed hands and there are pending buy orders for 309,602 shares on BSE and NSE.

First Published: Mon, October 20 2014. 10:39 IST