Goodyear India soars 20% for second straight day on delisting plans
Shares of Goodyear India surged 20 per cent for a second straight day in reaction to the news of its delisting plans from the BSE, making it the biggest gainer in the BSE Smallcap Index.
By ET Bureau |
MUMBAI: Shares of Goodyear India surged 20 per cent for a second straight day in reaction to the news of its delisting plans from the BSE, making it the biggest gainer in the BSE Smallcap Index.
In this regard, Goodyear Tire & Rubber Company on Tuesday announced its intention to commence either directly, or through one or more of its wholly owned subsidiaries, a cash tender offer to acquire shares of Goodyear India. Currently, GTRC holds 74 per cent of the total paid-up share capital of the company.
GTRC has approved an price of Rs 245 per share for the shares tendered pursuant to the delisting proposal, which represents a premium of 33% o to the closing price of the company's shares of Rs 183.95 on February 05, 2010 on February 5.
At 12:50 pm, shares of Goodyear India were locked at its upper circuit limit of Rs 268.20. higher by 20 per cent over its previous close.
In this regard, Goodyear Tire & Rubber Company on Tuesday announced its intention to commence either directly, or through one or more of its wholly owned subsidiaries, a cash tender offer to acquire shares of Goodyear India. Currently, GTRC holds 74 per cent of the total paid-up share capital of the company.
GTRC has approved an price of Rs 245 per share for the shares tendered pursuant to the delisting proposal, which represents a premium of 33% o to the closing price of the company's shares of Rs 183.95 on February 05, 2010 on February 5.
At 12:50 pm, shares of Goodyear India were locked at its upper circuit limit of Rs 268.20. higher by 20 per cent over its previous close.
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