Monday , 6 December 2021
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Minda Industries rises on getting nod for second tranche of stake purchase in Strongsun Renewables

Minda Industries rises on getting nod for second tranche of stake purchase in Strongsun Renewables

Minda Industries is currently trading at Rs. 772.45, up by 9.85 points or 1.29% from its previous closing of Rs. 762.60 on the BSE.

The scrip opened at Rs. 766.70 and has touched a high and low of Rs. 782.85 and Rs. 752.35 respectively. So far 7328 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 833.60 on 14-Oct-2021 and a 52 week low of Rs. 315.00 on 29-Oct-2020.

Last one week high and low of the scrip stood at Rs. 814.80 and Rs. 742.40 respectively. The current market cap of the company is Rs. 21667.17 crore.

The promoters holding in the company stood at 67.47%, while Institutions and Non-Institutions held 22.93% and 9.60% respectively.

Minda Industries’ investment committee of its board has given green signal for the second tranche of stake purchase in Strongsun Renewables, special purpose vehicle (SPV) company. The committee approved the acquisition of 3,07,850 equity shares of the face value of Rs 10 each at a premium of Rs 70 that is Rs 80 per share of Strongsun Renewables, aggregating to Rs 2.46 crore.

With the aforesaid acquisition of shares, the company holds 28.10 per cent stake of total paid-up share capital of the SPV.

Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.

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