Geometric hits new high on promoter stake sale plan report

The promoters of Geometric are planning to sell their entire stake in the company.

The stock opened at Rs 203 and touched a high of Rs 207, also its new high on the BSE. A combined 944,640 shares changed hands on the counter till 0917 hours on the BSE and NSE.

The promoters Godrej & Boyce Mfg Company Ltd and others held a combined 38.46% stake in Geometric, the shareholding pattern data shows.

Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala collectively held 19% stake in Geometric as of December 31, 2014, making them the largest non-promoter shareholders of the public listed company.

According to the Times of India report, Tech Mahindra, Capgemini, HCL Technologies, GlobalLogic and L&T Infotech are among the potential suitors for the acquisition. JM Financial's Singapore office has started the sale process with a price over Rs 300 per share in mind, the report adds.

Meanwhile, in past one and half months, shares of Godrej-owned Company specializes in the domain of engineering solutions, services and technologies has rallied 68% from Rs 119 on February 10, 2015. The benchmark S&P BSE Sensex declined 0.57%, while S&P BSE IT sector index gained 0.40% during the same period.