Indian automotive parts maker Minda Corporation Ltd. on Friday mentioned it acquired a 15.70% stake in rival Pricol Ltd. for ₹4 billion ($48.3 million).
The open market transaction befell at a median value of ₹208.9820 per share, Minda Corp. mentioned in an alternate submitting.
“This is merely a financial investment without providing the company any special rights in Pricol Ltd. other than the rights as a shareholder,” Minda mentioned.
Media studies on February 16, had mentioned Minda is trying to purchase as much as 15.7% stake in Pricol.
Ahead of Minda’s announcement on Friday, Pricol mentioned it “has no information” on media studies of the mentioned deal and the guardian has “absolutely no intent in undertaking any secondary sale of promoter’s stake.”
“Promoter group stands absolutely committed to the company and its future prospects,” Vikram Mohan, managing director of Pricol, mentioned in an announcement, including that the corporate was web debt free and promoters and the administration are bullish about its progress prospects.
Minda Corp. and Pricol didn’t instantly reply to Reuters’ request for remark.
Last week, Pricol reported a greater than 54% soar in December-quarter revenue to ₹267.6 million.
