Minda Corp buys 21 pc stake in Pricol for Rs 525 crore

New Delhi: Minda Corporation on Friday acquired a 21 per cent stake in automotive components firm Pricol for Rs 525 crore through open market transactions.

Minda Corporation bought a total of 2,51,40,340 shares in five tranches on BSE and NSE, amounting to 20.6 per cent stake in the company, as per the bulk and block deal data available with the BSE and National Stock Exchange (NSE).

The shares were acquired in the range of Rs 208.93-209 apiece, taking the aggregate value at Rs 525.43 crore.

Meanwhile, the sellers offloaded 2.70 crore shares of the firm on both NSE and BSE for Rs 565 crore.

The sellers include Stream Value Fund, Unique Finman Consultancy, Antara India Evergreen Fund, Radhey Buildhome, and Anirudh Damani.

The sellers sold the shares at an average price of Rs 209- Rs 209.24 per share.

On Friday, shares of Pricol closed 4.66 per cent lower at Rs.198.60 apiece on NSE and Rs.199.05 per share on BSE.

Minda Corporation manufactures Ignition Switches for Indian Automotive Industry and is the flagship company of Ashok Minda Group. Its shares were at Rs.203.85 per share on the NSE and Rs.204.10 on the BSE.