Denso India hits new high

Denso India hit a new 52-week high today at Rs.99.75 and it is now at Rs.97 levels, though strongly in the green. Volumes are at 13,000 shares and market cap is at Rs.270 crore.

The stock hit a high after the company announced that it has received a letter from Japan-based Denso Corporation, one of the company's promoters, and it proposes to delist at an an indicative price of Rs 95/share. If one may recollect, the company had earlier, in May’13, had proposed to acquire 26.54% stake and at that time, the floor price was set at Rs.59.70/share.

Denso Corp holds 47.93% stake and total promoters stake is at 73.47% and interestingly, Maruti has a 10.27% stake in the company.