The shares of Minda Industries soared by nearly 4% intraday during Wednesday’s trading session after the company reported that its board approved the acquisition of 60% stake in MI Torica.
The board of director provide the approval to acquire 60% stake of MT Torica India, comprising of 54,00,000 equity shares of the face value of Rs 10 each from the shareholders including related parties at Rs 16.29 per share, for a total consideration up to Rs 8.80 crore, the company informed in a filing to the bourses on Tuesday post market hours.
Post the acquisition, MI Torica will become a subsidiary of the company. MI Torica is a joint venture company, in which NK Minda Group is holding 60% equity, while 40% equity is held by Tokal Rika Create Corporation (TRCC), Japan.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
Meanwhile, the stock was trading higher by 3.43% at Rs 831 per share on BSE at 1030 hours. It opened at Rs 820 per share. The stock witnessed a spurt in volume by more than 1.19 times. It attracted a total traded volume of 67,744 shares and traded value of Rs 561.38 lakh on NSE at 1028 hours..
The board of director provide the approval to acquire 60% stake of MT Torica India, comprising of 54,00,000 equity shares of the face value of Rs 10 each from the shareholders including related parties at Rs 16.29 per share, for a total consideration up to Rs 8.80 crore, the company informed in a filing to the bourses on Tuesday post market hours.
Post the acquisition, MI Torica will become a subsidiary of the company. MI Torica is a joint venture company, in which NK Minda Group is holding 60% equity, while 40% equity is held by Tokal Rika Create Corporation (TRCC), Japan.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
Meanwhile, the stock was trading higher by 3.43% at Rs 831 per share on BSE at 1030 hours. It opened at Rs 820 per share. The stock witnessed a spurt in volume by more than 1.19 times. It attracted a total traded volume of 67,744 shares and traded value of Rs 561.38 lakh on NSE at 1028 hours..
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