Minda Industries Ltd to acquire JV partner's stake in Harita Fehrer Ltd

Harita Fehrer Ltd. (hereinafter called as "HFR") a Joint Venture between Harita Seating Systems Limited ("HSSL") and F.S. Fehrer Automotive GmbH ("Fehrer"). HSSL and Fehrer held 51% and 49% equity stake in the Company respectively. Upon merger of Harita with Minda Industries Ltd (Minda) being effective from April 1, 2021, Minda has become the shareholder of the HSSL and now holds 51%.

HFR is engaged in the business of manufacturing of seats to the automotive industry, offering moulded foam, armrest, headrests, two, three wheeler seats, polyurethane composites, spring aids and bump stops.

The Board approved the purchase of 49% stake of HFR, comprising of 98,48,040 (Ninety Eight Lacs Forty Eight Thousand Forty) equity share of face value Rs.10 each, from its existing shareholder F.S. Fehrer Automotive GmBH for a total consideration of Rs.115 Crores (Rupees One Hundred Fifteen Crores). Post acquisition, HFR will become wholly owned subsidiary of the Company. The expected date of completion is on or before 30 November, 2021.

Shares of MINDA INDUSTRIES LTD. was last trading in BSE at Rs.616 as compared to the previous close of Rs. 583.05. The total number of shares traded during the day was 66677 in over 3236 trades.

The stock hit an intraday high of Rs. 628.5 and intraday low of 589.05. The net turnover during the day was Rs. 40309348.

Source : Equity Bulls

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