Pricol Promoters Deny Stake Sale To Minda Corp

Pricol Ltd. or any representative of the promoter group has no intention of selling their stake to Minda Corp., according to Managing Director Vikram Mohan. 

The statement comes on the back of reports stating that Minda Corp is likely to acquire up to 15.7% stake in the company via reverse book building for Rs 400 crore. 

"Pricol's managing director and a representative of the promoter group of Pricol reiterate that the promoter group is absolutely committed to the company and its future prospects and has absolutely no intention of undertaking any secondary sale of the promoter stake, nor does the company have any intention of raising equity capital of any form, as the company has strong financial fundamentals and healthy cash profits that will meet the needs of capital for its future growth," the company said.

"The promoters and the management stand committed to its stakeholders and are bullish about the growth prospects of the organisation combined with a firm financial footing," Mohan said. "We have turned around the company in the last few years by making it net debt free, setting it on a firm growth path, and proving customer confidence with a healthy order book, while we continue to invest significantly in both product and process technology to keep us ahead of the competition," he said.