The Coimbatore-based company said that its promoter group stands fully committed to the company and that they have absolutely no intent in undertaking any secondary sale of promoter's stake.
Media reports earlier in the day suggested that Minda Corporation is looking to acquire up to 15.7% stake in precision engineered products manufacturer Pricol through a reverse book building process.
The reports further stated that Minda Corp is looking to invest Rs 400 crore in Pricol to acquire the stake.
Pricol Managing Director Vikram Mohan was quoted by the media saying that neither he nor promoters or institutions, which own stakes in Pricol, have any intention to sell. The MD reported said there was no question of selling a stake as the company is doing very well and is on the growth curve.
Offering a clarification on the same, Pricol filed a statement with the bourses stating: "Our company has no information in this regard. We don't find any communication from Minda Corporation Limited to the stock exchanges regarding the said news. Minda Corporation Limited is a competitor in one of our major business segments.
It further added: "Managing Director of Pricol Limited has issued a clarification a little while earlier reiterating that the promoter group stands fully committed to the company and that they have absolutely no intent in undertaking any secondary sale of promoter's stake.
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Pricol is engaged in the business of manufacturing and selling of instrument clusters and other allied automobile components to original equipment manufacturers (OEM) and replacement markets.
The company reported 54.24% jump in consolidated net profit to Rs 26.76 crore on a 16.07% increase in net sales to Rs 458.16 crore in Q3 FY23 over Q3 FY22.
Shares of Pricol slumped 4.68% to currently trade at Rs 198.55. On the BSE, over 80.28 lakh shares of the company were traded in the counter as against an average trading volume of 0.61 lakh shares in the past two weeks.
Meanwhile, the scrip of Minda Corporation shed 0.89% to Rs 212.
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