Investors queued up for buying shares of Sharp India on Monday as Japanese promoter is going to consider selling of its shareholding in the company. The stock is locked at 20 percent upper circuit.
The company proposes to hold a meeting of board of directors on December 12 for permitting Sharp Corporation, Japan and potential buyers to conduct due diligence on operations, says the home appliances and consumer electronic products manufacturer in its filing.
Sharp Corporation, Japan being the majority shareholder is exploring various options and strategic alternatives including sale of its shareholding in the company to potential buyers, it adds.
Sharp Corporation is a promoter of the company with 75 percent shareholding as of September 2015.
Sharp India has reported a loss of Rs 9.99 crore against loss of Rs 2.8 crore in June quarter and loss of Rs 2.2 crore in year-ago period due to steep fall in revenue. Revenue declined to Rs 1.6 crore during July-September quarter against Rs 17.7 crore in preceding quarter and Rs 39.74 crore in same quarter last fiscal.
At 09:24 hours IST, the scrip of Sharp India was quoting at Rs 49.80, up Rs 8.30, or 20 percent amid high volumes on the BSE. There were pending buy orders of 118,356 shares, with no sellers available.
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