Minda Corporation announced that it had acquired a 15.7 per cent stake in Pricol, for Rs 400-crore.
Pricol’s promoter group, which holds 36.53 per cent in the firm, told the BSE that they were not aware of deal. The promoters said they had no plans of making a secondary sale or raising investment and said that they would not allow any hostile takeover by Minda.
“The promoter group stands fully committed to the company and that they have absolutely no intent in undertaking any secondary sale of promoter’s stake,” Pricol told the exchange in a filing.
63.47% of Pricol’s shareholding is public.
Minda informed the exchnage that this was a strategic investment
on their part and that they believed in Pricol’s growth story.