The promoters of Honeywell Automation India Ltd. and Blue Dart have decided to reduce their stakes in the respective companies to comply with the minimum public shareholding requirement of 25 per cent in terms of Securities Contracts Regulations Rules.
Following this announcement shares of Honeywell Automation on Wednesday tanked 20 per cent, eroding Rs.510 crore from its market capitalisation, after Honeywell Asia Pacific said it intends to reduce its stake in the company in one or more tranches through offer for sale. However, Blue Dart shares moved up by 2.02 per cent on the BSE. Shares of Honeywell on Wednesday fell by as much as 20 per cent to touch its lower circuit limit of Rs.2,503.55. The stock had seen a 52-week high of Rs.3,391.80 on November 19.
Logistics service provider Blue Dart Express on Wednesday said its promoter planned to dilute 6.03 per cent stake, a move which might fetch DHL Express (Singapore) in excess of Rs.245 crore at current price.
In a notice of offer for sale, Blue Dart Express said the sale of 14,31,937 shares would take place on separate windows of both BSE and NSE on November 23. DHL Express (Singapore), as at end September, had 81.03 per cent stake in Blue Dart Express.
Keywords: Securities Contracts Regulations Rules