Sharp India rises 13% as parent company consider's Foxconn's takeover bid

NEW DELHI: Shares of Sharp India, a fully-owned subsidiary of the Japanese technology major, surged over 8 per cent on Thursday after reports that the parent company may give preference to Taiwan's Foxconn Technologies' rescue plan.

Shares of the electronic giant climbed as much as 13.60 per cent to hit a high of Rs 58.80 on the BSE.

Sharp was reported as giving Foxconn the negotiating rights after the later increased the value of its takeover offer to $5.9 billion, a Japan's NHK TV said quoting unconfirmed sources.

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If the deal goes through, it will give Foxconn, which assembles Apple's iPhones, access to the world's largest supplier of screens for phones and tablets. No official comment was available from the parent company in Japan.