Minda Industries gains on acquiring 5.24% stake in FRIWO AG
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Minda Industries is currently trading at Rs. 952.45, up by 9.20 points or 0.98% from its previous closing of Rs. 943.25 on the BSE.
The scrip opened at Rs. 954.00 and has touched a high and low of Rs. 970.00 and Rs. 947.10 respectively. So far 9992 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1260.00 on 29-Dec-2021 and a 52 week low of Rs. 629.55 on 09-Jul-2021.
Last one week high and low of the scrip stood at Rs. 970.00 and Rs. 890.65 respectively. The current market cap of the company is Rs. 27351.23 crore.
The promoters holding in the company stood at 67.47%, while Institutions and Non-Institutions held 22.98% and 9.55% respectively.
Minda Industries has acquired 4,48,162 equity shares i.e. 5.24% stake in FRIWO AG, Germany, by investing Euro 14.99 million. The investment has been made in the aforesaid company, after obtaining the requisite approvals including Reserve Bank of India (RBI) under Overseas Direct Investment (ODI) guidelines. The object of acquisition is to strengthen the partnership with FRIWO AG via primary equity infusion.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
