Denso India hits over 5-year high as delisting offer begins

Moneycontrol Bureau

Shares of Denso India rallied 9.4 percent intraday to touch a 5.8- month high of Rs 125.05 on Tuesday as the voluntary delisting offer from its parent company Denso Corporation has begun today.

The parent company of Denso India has made a voluntary delisting offer to acquire the remaining 26.54 percent stake. Denso Corporation has 47.93 percent stake in the company as of June 2013.

The floor price for the delisting offer, which will close on September 20, is at Rs 59.70, while the indicative price is set at Rs 95 per share.

Meanwhile, Maruti Suzuki and Sumitomo Corporation hold 10.27 percent stake each while Asmo Company has 5 percent shareholding in the company.

At 12:44 hours IST, the stock was up 8.05 percent at Rs 123.50 amid high volumes on the Bombay Stock Exchange.

(Posted by Sunil Shankar Matkar)