Pricol Ltd promoters clarify on media news of Minda Corporation's proposed equity acquisition

The Managing Director and representative of the Promoter Group of Pricol Limited, has reiterated that the Promoter group stands absolutely committed to the company and its future prospects in response to news flashed through various media channels, that Minda Corporation intends to acquire a 15.7% stake in Pricol Limited..

The MD had said that they have turned around the company in the last few years by making it net debt free and have set it on a firm growth path, and proved customer confidence with a healthy order book, while they continue to invest significantly in both product and process technology to keep us ahead of competition.

The promoters have absolutely no intent of undertaking any secondary sale of promoter stake nor does the company have any intent to raising equity capital of any form as the company has strong financial fundamentals and healthy cash profits that will meet the needs of capital for its future growth.

The promoters and the management stand committed to its stakeholders and are bullish about the growth prospects of the organisation combined with a firm financial footing.

Shares of Pricol Limited was last trading in BSE at Rs. 208.30 as compared to the previous close of Rs. 205.25. The total number of shares traded during the day was 94921 in over 2478 trades.

The stock hit an intraday high of Rs. 212.60 and intraday low of 204.15. The net turnover during the day was Rs. 19796185.00.

Source : Equity Bulls

Keywords

Pricol INE726V01018 Clarification PromoterGroup StakeSale MindaCorporation