In order to comply with the minimum public shareholding requirement of 25 percent in terms of the Securities Contracts Regulations Rules (SCRR) Rules, Honeywell Asia Pacific Inc, intends to reduce, in due course, its shareholding in Honeywell Automation India (HAIL) through an offer-for-sale on the stock exchanges in one or more tranches.

Earlier this year, SEBI made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75 percent by June next year so that a minimum 25 percent public shareholding can be maintained in listed private companies.

Honeywell Automation India is a leading provider of integrated automation and software solutions that improve productivity, enhance comfort and ensure safety and security of homes and business premises.

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