Minda Industries Ltd approves additional investment in SPV

The Investment Committee of the Board of Minda Industries Ltd at its meeting held on 22 October, 2021 has approved the second tranche of Investment in equity shares of Strongsun Renewables Private Limited, the Special Purpose Vehicle ("The SPV") Company.

The Committee approved the acquisition of 3,07,850 equity shares of the face value of Rs.10 (Rupees Ten) each at a premium of Rs.70 (Rupees Seventy) i.e. Rs.80 (Rupees Eighty) per share of Strongsun Renewables Private Limited ('the SPV'), aggregating to Rs. 2,46,28,000/- (Rupees Two Crores Forty Six Lacs Twenty Eight Thousand only).

With the aforesaid acquisition of shares, the Company, Minda Industries Ltd. holds 28.10% stake of total paid-up share capital of the SPV. The aforesaid acquisition of the shares is for availing solar power for its manufacturing units situated at Maharashtra.

Shares of Minda Industries Limited was last trading in BSE at Rs. 762.60 as compared to the previous close of Rs. 756.85. The total number of shares traded during the day was 22460 in over 2581 trades.

The stock hit an intraday high of Rs. 769.90 and intraday low of 749.60. The net turnover during the day was Rs. 17107368.00.

Source : Equity Bulls

Keywords

MindaIndustries INE405E01023 MINDAIND AutoParts Equipment AdditionalInvestment SPV