 "Honeywell Automation may be delisted; stock up 13%")
Honeywell Inc is considering delisting of its Indian subsidiary Honeywell Automation from the stock exchanges, CNBC TV18 reported, quoting sources.
According to the report, the company has mandated a leading foreign bank for the delisting, which is likely through a reverse book building.
Honeywell, however, refused to comment on market speculation.
Reacting to the report, shares of Honeywell Automation rose more than 13 percent to Rs 3,228.
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Honeywell Asia Pacific Inc holds 81.24 percent stake in the Indian company.
Capital market regulator Sebi stipulates that listed private sector companies have to have a minimum public shareholding of 25 percent by June 2013. For public sector firms, the deadline is August 2013.
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