Minda acquires 15.7% stake in Pricol; agency’s promoters say not promoting shares – blogwspace.com

Minda acquires 15.7% stake in Pricol; agency’s promoters say not promoting shares

Noida-based auto element maker Minda Company on Friday knowledgeable the inventory exchanges that it has acquired a 15.7% stake in Pricol for `400 crore. The transaction was executed at a median value of Rs 208.9 per share. 

Nevertheless, Pricol denied any such acquisition. “The promoters have completely no intention of enterprise any secondary sale of promoter stake, nor does the corporate have any intent to elevating fairness capital of any type as the corporate has robust monetary fundamentals and wholesome money earnings that can meet the wants of capital for its future progress,” Pricol mentioned in a submitting.

Minda Company is claimed to have acquired the shares by means of open market buy. It mentioned it has acquired 19,140,342 fairness shares of Pricol, representing 15.7% of its whole issued and paid-up fairness share capital, from the open market, at a median value of `208.98 per share aggregating to `400 crore. “That is merely a monetary funding with out offering the corporate any particular rights in Pricol aside from the rights as a shareholder of the corporate,” Minda Company mentioned.

As of December 2022, the promoter and promoter group held a 36.5% stake in Pricol, whereas the general public shareholding stood at 63.47%.

Throughout the October-December quarter, Pricol reported a consolidated web revenue of `26.76 crore, up 54% in contrast with the identical interval a yr in the past. Revenues from operations stood at `474.8 crore throughout the interval.    

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