Minda Corp slips 9% in 3 days after it acquires 15.7% stake in Pricol

Shares of Minda Corporation (MCL) dropped 4 per cent to Rs 194.30 in Tuesday’s intra-day trade and extended its two day decline, after the company acquired 19.14 million equity shares, representing 15.70 per cent of equity capital of Pricol via open market for Rs 400 crore.

MCL bought Pricol’s shares at a price of Rs 208.98 per share. This is an open-market transaction and no prior approvals have been obtained, the company said.

Pricol is engaged into automotive components and products/equipments business. MCL said that the acquisition of equity shares of Pricol is merely a financial investment, without