Minda Industries acquires further stake in Auto Component, Partnership Firm

The Board of Directors of Minda Industries Ltd at its meeting held today i.e. Monday, February 7, 2022, approved the acquisition of stake in Auto Component, a partnership firm, between Minda Industries Limited (MIL) (holds 48.90%), Mr. Nirmal K. Minda (holds 20.55%), Ms. Pallak Minda (holds 25.55%) and Mr. Sanjeev Garg (holds 5.00%). It is engaged in manufacturing of Auto lights, i.e. Head / tail lamps.

The Board approved the further investment upto Rs. 3.63 Crores in Auto Component for acquisition of 20.55% stake from Mr. Nirmal K. Minda and 25.55% stake from Ms. Pallak Minda. Post this acquisitions, MIL stake in Auto Component, will be increased from 48.90% to 95%.

The transaction is expected to be completed on or before March 31 2022.

Shares of Minda Industries Limited was last trading in BSE at Rs. 1060.95 as compared to the previous close of Rs. 1080.40. The total number of shares traded during the day was 8487 in over 896 trades.

The stock hit an intraday high of Rs. 1082.20 and intraday low of 1052.00. The net turnover during the day was Rs. 9004754.00.

Source : Equity Bulls

Keywords

MindaIndustries INE405E01023 Investment AutoComponent