Automotive component manufacturer Minda Corporation has decided to approach the Competition Commission of India to invest in equity shares of Pricol to increase its stake in the company up to 24.5% of all outstanding shares.
In February this year, Minda acquired 1,91,40,342 equity shares, representing 15.7% of Pricol’s total issued and paid-up equity. At a meeting of its Board on May 1, Minda decided to file an application with the Competition Commission of India to make an investment in equity shares of Pricol to raise its stake up to 24.5% of total equity shares of the company, it told the National Stock Exchange.
Vikram Mohan, Managing Director of Pricol, told The Hindu in February that the promoters of Pricol hold a 37% stake and that the company had put in place legal and financial measures to fend off hostile takeover attempts.
