Minda Corp Exits Pricol By Selling 15.7% Stake For Rs 657 Crore

Minda Corp. has exited Pricol Ltd. by selling its entire stake of 15.7% for Rs 657 crore via open market transactions.

The company offloaded 1.91 crore shares of Pricol’s total issued and paid-up equity share capital at Rs 343.60 apiece, it said in an exchange filing on Wednesday.

Pricol is a manufacturer of automotive components and precision engineered products. It reported a total income of Rs 1,963.1 crore for the year-ended March 31, 2023.

Earlier in the day, Bloomberg had reported that 1.25 crore shares of Pricol had changed hands in multiple large trades and that the buyers and sellers were not immediately known.

Shares of Minda Corp. closed 4.84% higher at Rs 402.6 apiece, as compared with a 2.23% fall in the benchmark BSE Sensex.