Minda Corp exits Pricol, sells entire stake worth Rs 658 crore

New Delhi, Jan 17 (PTI) Noida-based Minda Corporation on Wednesday exited Pricol by selling its entire 15.70 per cent stake in the company for Rs 658 crore through open market transactions.

The company sold more than 1.91 crore shares of the automotive component maker at a gross price of Rs 343.60 apiece. "Minda Corporation Ltd...has sold 1,91,40,342 equity shares of Pricol Ltd (Pricol) representing 15.70 per cent of the Pricol's total issued and paid-up equity share capital," according to a regulatory filing.

"The same has been executed on the stock exchange(s), at gross price of Rs 343.60 per equity share," the company said.

This took the transaction value to Rs 657.66 crore.

"Following the sale, the company's equity shareholding in Pricol Ltd has become Nil," it added.

As per the National Stock Exchange (NSE) data, ICICI Prudential Mutual Fund (MF), Fidelity India Fund, Tata MF, Aditya Birla Sun Life Insurance Company, Goldman Sachs India, City of New York Group Trust, and Carnelian Asset Management & Advisors were among the buyers of Pricol's shares.

Pricol Ltd is in the automotive components and products/equipment business. It reported a total income of Rs 1,963.1 crore for the year ended March 31, 2023.

The scrip of Pricol Ltd rose 3.35 per cent to close at Rs 380.50 apiece on the NSE, while it settled 0.73 per cent higher at Rs 371.45 per piece on the BSE.

On Wednesday, shares of Minda Corporation jumped 4.84 per cent to end at Rs 402.60 per scrip on the BSE. PTI HG SHW