MARKET EYE-Honeywell India shares fall after parent to cut stake

Wed Nov 21, 2012 1:44pm IST

Related Topics

Stocks

   

* Shares in Honeywell Automation India shares slump
19.5 percent after saying Honeywell Asia Pacific plans to cut
its stake in the domestic unit.
* Honeywell Asia Pacific plans to sell shares in its Indian unit
to meet market regulator requirements mandating listed companies
must have at least 25 percent public shareholding by next year.
 
* Honeywell Asia Pacific owns 81.24 percent stake in Honeywell
Automation, and would thus need to cut its stake to 75 percent.
* Traders had speculated Honeywell Asia Pacific, itself a unit
of Honeywell International Inc, would prefer to delist
the Indian company. 
* The decision to reduce the stake was instead seen as
Honeywell's plan to keep the Indian listing, traders say.


 (manoj.dharra@thomsonreuters.com)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Markets

REUTERS SHOWCASE

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Power Outage

Power Outage

Mumbai hit by power cuts  Full Article 

Commodities

Commodities

Gold imports, premiums to jump on festive demand - top refiner  Full Article 

Economic Worries

Economic Worries

Pakistan's promises to IMF in doubt as protests sap economy   Full Article 

Islamic Finance

Islamic Finance

Basel III deposit challenge looms over Islamic banks   Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage