Minda Corporation hits an all-time high after selling its entire stake in Pricol Ltd

Minda Corporation Share Price: Minda Corporation Ltd hit an all-time high of Rs 409.50 on BSE on Thursday (January 18, 2024) after the auto component maker sold its entire stake in Pricol Ltd.

The stock of Minda Corporation was trading lower by 1.15 per cent, or Rs 4.65, at Rs 397.95 at 12:06 am on Thursday.   

What is Minda Corporation-Pricol deal?

"The Company has today sold its entire stake comprising of 1,91,40,342 equity Shares acquired representing 15.70406% of the paid-up share capital of Pricol Limited, " said Minda Corporation in a statement to exchanges on Wednesday. 

Pricol Limited was incorporated in Minda Corporation on May 18, 2011. 

Minda Corporation said that the deal had been done on cash consideration at a gross price of Rs 343.60 per equity share. 

"The transaction is not a related party transaction of the company. The promoter or promoter group or group companies do not have any interest in Pricol Limited," said Minda Corporation.

What is Pricol Limited? 

Pricol Limited is in the automotive components and products/equipments business and is listed on BSE and NSE.

On the basis of the audited financial statements of Pricol Limited for the year ended March 31, 2023, the consolidated total income for the company was Rs 1963.14 crores.