Denso India is locked in upper circuit of 5% for ten straight trading day at Rs 70.75 on BSE after the board of auto parts and equipment maker approved the delisting of equity shares of the company from the stock exchanges.
The stock has rallied 57% from Rs 45 on April 18, compared to 4% rise in the benchmark Sensex.
A combined around 10,562 shares have changed hands and there are pending buy orders for 140,027 shares on BSE and NSE.
Last month, Denso Corporation, Japan, informed the company of its decision to voluntarily delisting the company’s equity shares from the stock exchanges.
Denso Corporation proposed to acquire up to 7.40 million equity shares representing 26.54% stake held by public shareholders in the company. The promoter presently holds 13.36 million representing 47.93% of the paid-up equity share capital of the company.
The company’s equity shares presently listed at the BSE, Madras Stock Exchange and Delhi Stock Exchange. However, the company said that its equity shares are permitted to be traded by NSE.
The company will seek the approval of the public shareholders for delisting of equity shares by way of a postal ballot.
The stock has rallied 57% from Rs 45 on April 18, compared to 4% rise in the benchmark Sensex.
A combined around 10,562 shares have changed hands and there are pending buy orders for 140,027 shares on BSE and NSE.
Last month, Denso Corporation, Japan, informed the company of its decision to voluntarily delisting the company’s equity shares from the stock exchanges.
Denso Corporation proposed to acquire up to 7.40 million equity shares representing 26.54% stake held by public shareholders in the company. The promoter presently holds 13.36 million representing 47.93% of the paid-up equity share capital of the company.
The company’s equity shares presently listed at the BSE, Madras Stock Exchange and Delhi Stock Exchange. However, the company said that its equity shares are permitted to be traded by NSE.
The company will seek the approval of the public shareholders for delisting of equity shares by way of a postal ballot.
