Minda Corporation said that it has acquired 1,91,40,342 equity shares of Pricol, representing 15.70406% of the Pricol's total issued and paid-up equity share capital.
Pricol is in the automotive components and products/equipments business. Basis the audited financial statements of Pricol for the year ended 31 March 2022, the consolidated turnover was Rs 1,553.5 crore.
The said shares of Pricol have been acquired by Minda Corporation via the open market, at an average price of Rs 208.9820 per share aggregating to Rs 400 crore.
"This is merely a financial investment without providing the company any special rights in Pricol Limited other than the rights as a shareholder of Pricol Limited, Minda Corporation said in a statement.
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The company has a diversified product portfolio that encompasses mechatronics; information and connected systems and plastic and interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.
The company's consolidated net profit declined 25.18% to Rs 52.26 crore despite a 44.70% jump in sales to Rs 1,068.29 crore in Q3 FY23 over Q3 FY22.
The scrip fell 2.71% to currently trade at Rs 208.10. On the BSE, over 1.56 lakh shares of the company were traded in the counter so far as against an average trading volume of 0.30 lakh shares.
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