Shares in which the promoter holding is above 75 per cent will come under focus in the next few weeks, as many of them will be required to reduce promoters’ shareholding to a regulatory cap of 75 per cent by July next. Multi-national companies will be of particular interest to marketmen as most have surged in anticipation of delisting. However, a few opting for stake dilution rather than delisting saw their stocks dip. Recently, the share price of Honeywell Automation crashed after the management indicated a share sale plan. Already, promoters of Fresenius K abi Oncology, Disa India, Blue Dart and Xchanging Solutions have reduced their stake to comply with SEBI norm, while others such as Wipro and DLF have resorted to restructuring exercise that could pare promoters holding.
To bet on dilution or delisting?
November 25, 2012: