Minda Industries to acquire stake in MI Torica India

Post the announcement that its board of directors has approved the acquisition of 60% stake in MT Troica, the shares of Minda Industries increassed by nearly 4% intraday during Wednesday’s trading session. The 60% stake comprises 54,00,000 equity shares of the face value of Rs 10 each from the shareholders, including related parties, at Rs 16.29 per share, for a total consideration up to Rs 8.80 crore, the company informed in a filing to the bourses on Tuesday post market hours.
 
Post the acquisition, MI Torica will become a subsidiary of the company. MI Torica is a joint venture company, in which NK Minda Group holds 60% equity while the balance is held by Tokal Rika Create Corporation (TRCC), Japan. Minda Industries offers a range of products across various verticals of automotive components, such as switching systems, acoustic systems and alloy wheels, among others.
 
Meanwhile, the stock was trading higher by 3.43% at Rs 831 per share on the BSE at 1030 hours. It opened at Rs 820 per share and witnessed a spurt in volume by more than 1.19 times. It attracted total traded volume of 67,744 shares and traded value of Rs 561.38 lakhs on the NSE at 1028 hours.