hares of Honeywell Auto
(HAIL), which provides integrated automation and software solutions,
dropped as much as 19.3 percent on Wednesday as promoter shareholder is
going to reduce holding in the Indian subsidiary HAIL via offer for
sale.
The stock has erased all its gains that seen on Monday on reports by sources that parent company Honeywell Inc is considering a delisting of Indian subsidiary HAIL
.
Today in a release sent to exchanges, the company said the company was required to increase its public shareholding to at least 25 percent by June 2, 2013 as per Securities Contracts Rules. The current public shareholding of HAIL is 18.76 percent while Honeywell Asia Pacific holds 81.24 percent stake in the company.
In order to comply with the minimum public shareholding requirement of 25 percent in terms of the SCRR Rules, Honeywell Asia Pacific Inc, intends to reduce, in due course, its shareholding in HAIL through an offer for sale on the stock exchanges in one or more tranches," the company said.
At 11:47 hours IST, the stock fell 18.52 percent to Rs 2,549.95 amid large volumes. Yesterday too the stock was down 5.6 percent.
The stock has erased all its gains that seen on Monday on reports by sources that parent company Honeywell Inc is considering a delisting of Indian subsidiary HAIL
.
Today in a release sent to exchanges, the company said the company was required to increase its public shareholding to at least 25 percent by June 2, 2013 as per Securities Contracts Rules. The current public shareholding of HAIL is 18.76 percent while Honeywell Asia Pacific holds 81.24 percent stake in the company.
In order to comply with the minimum public shareholding requirement of 25 percent in terms of the SCRR Rules, Honeywell Asia Pacific Inc, intends to reduce, in due course, its shareholding in HAIL through an offer for sale on the stock exchanges in one or more tranches," the company said.
At 11:47 hours IST, the stock fell 18.52 percent to Rs 2,549.95 amid large volumes. Yesterday too the stock was down 5.6 percent.
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