Goodyear India Rises to Limit in Mumbai Trading

Goodyear India Ltd. rose 20 per cent – its daily limit – in Mumbai trading after the company said its parent offered to acquire all outstanding shares for 245 rupees apiece, reports Tire Review. As many as 32,039 equity shares changed hands so far, as compared to a two-week average of 8,569 shares.

On 8 February, Goodyear Tire & Rubber Co. initiated a voluntary delisting of the equity shares of the Goodyear India from the Bombay Stock Exchange. At present, the parent company holds 74 per cent of the total paid-up share capital of the company. At the end of December 2009, individual shareholders held a 19 per cent stake, followed by corporate bodies that held 4 per cent and institutional investors who held a 3 per cent stake in the company.