Minda Industries rose 5.63% to Rs 890.75 at 10:30 IST on BSE after the company announced acquisition of the global lighting business of Spain-based Rinder Group.
The announcement was made after market hours yesterday, 3 March 2016.Meanwhile, the S&P BSE Sensex was up 24.24 points or 0.1% at 24,632.66.
On BSE, so far 4,704 shares were traded in the counter as against average daily volume of 5,294 shares in the past one quarter. The stock hit a high of Rs 910 and a low of Rs 881.25 so far during the day. The stock hit a record high of Rs 996 on 4 January 2016. The stock hit a 52-week low of Rs 475 on 8 September 2015.
The mid-cap company has equity capital of Rs 15.87 crore. Face value of the stock is Rs 10.
Minda Industries said that the enterprise value for the total deal is about 20 million euros. The acquisition includes 100% equity holding in Rinder India and Light Systems and Technical Center, Spain along with 50% equity holding in Rinder Riducu, Colombia. As a part of the deal, Rinder's brand name and intellectual property rights have also been acquired. Integration & merger with UNO MINDA brand name will be finalised at a later stage. The deal will be financed through internal accruals and the debts. Rinder India's plant is situated at Chakan & Pimpri in Pune, Maharashtra and Bahadurgarh, Haryana. Light Systems and Technical Centre is located at Bilbao, Spain and Rinder Riducu's plant is situated at Colombia.
Speaking about the acquisition, Mr N K Minda, Chairman of UNO MINDA Group said that with this acquisition, Minda Industries' lighting business will have turnover of Rs 700 crore per annum which is currently around Rs 300 crore per annum.
Minda Industries' key product is automotive lighting, which is being manufactured at its plants at Manesar, Pune and north of Delhi, having turnover of around Rs 300 crore per annum.
Rinder Group manufactures automotive lamps - headlamp, tail-lamps and small lamps. Rinder Group operates in premium segment of lighting business with annual turnover of 55 million euros or Rs 410 crore.
Minda Industries' consolidated net profit rose 122.1% to Rs 28.85 crore on 13.2% rise in net sales to Rs 622.90 crore in Q3 December 2015 over Q3 December 2014.
Minda Industries is into manufacturing of automobile components.
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