Honeywell Automation of India has surged 13% to Rs 2,714 after the promoter have received a strong response from investors to its offer-for-sale (OFS) issue with an over-subscription of more than 7 times.
Honeywell Asia Pacific Inc, the parent company of Honeywell Automation of Indian has received a total bid for 4.07 million shares against 0.55 million shares offered for sale, according to information available at BSE.
Meanwhile, the promoter has fixed a clearing price of Rs 2,450 per share, a well above the floor price of Rs 2,150 per share fixed for the said issue.
“The clearing price up to which the bids have been considered for allocation is Rs 2450/- per share. The bids at or above the clearing price of Rs 2450/- have been considered for allocation,” the company said in a filing.
The stock opened at Rs 2,797 and touched high of Rs 2,875 on the BSE. As many as a combined 208,906 shares have already changed hands on the counter in morning deals against an average sub 50,000 shares that were traded daily in past two weeks.