Stocks

Denso India delisting offer opens on Sept 17

Our Bureau | | Updated on: Aug 27, 2013

28blDensoCo.eps

Denso India has said the voluntary delisting offer from its Japanese parent company Denso Corporation to acquire the balance 26.54 per cent stake will begin on September 17 and close on September 20.

In a filing to the BSE, the company said the floor price for the delisting offer is Rs 59.70 a share, while the indicative price has been set at Rs 95 a share.

Denso Corporation is offering to acquire up to 73.98 lakh equity shares through the offer.

The promoters of the company will delist from the stock exchanges upon reaching the minimum 90 per cent shareholding.

Denso Corporation currently holds 1.33 crore shares, representing 47.93 per cent of the paid-up equity share capital of the company. Other promoters include Maruti Suzuki India, Sumitomo Corporation and ASMO Company Ltd. They hold 27.54 per cent stake in the company.

As of June, the promoters (Denso Corporation and other promoters) held 73.46 per cent.

In April, Denso Corporation had announced its plans to delist the Indian arm. The stock price has almost doubled since then to a high of Rs 110 on August 14. On Tuesday, it closed at Rs 105.4, down 1.64 per cent over the previous day's close. The equity shares are currently listed and traded on the BSE, the Delhi Stock Exchange and the Madras Stock Exchange.

badrinarayanan.ks@thehindu.co.in

Published on August 27, 2013
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