November 21, 2012 / 8:14 AM / 5 years ago

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

1 Min Read

* 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)

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