Uno Minda jumps on getting nod to incorporate wholly owned step-down subsidiary in Dubai
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UNO Minda is currently trading at Rs. 573.00, up by 8.15 points or 1.44% from its previous closing of Rs. 564.85 on the BSE.
The scrip opened at Rs. 565.10 and has touched a high and low of Rs. 574.50 and Rs. 565.10 respectively. So far 12827 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 630.00 on 29-Dec-2021 and a 52 week low of Rs. 334.65 on 03-Sep-2021.
Last one week high and low of the scrip stood at Rs. 574.50 and Rs. 526.95 respectively. The current market cap of the company is Rs. 32492.61 crore.
The promoters holding in the company stood at 67.41%, while Institutions and Non-Institutions held 22.86% and 9.73% respectively.
Uno Minda’s board has approved the incorporation of a wholly owned step-down subsidiary (WOS) of the Company in Dubai, United Arab Emirates (UAE) for Trading, Import, Export & Re-Export of Uno Minda products for customers in African & Middle East markets.
The WOS to be incorporated in UAE will have its office in Mainland Dubai, Deira with an initial equity investment of up to Rs 50 lakh. The WOS will be a 100% subsidiary of SAM Global, which is a wholly owned subsidiary of the Company situated in Singapore.
Uno Minda (formerly known as Minda Industries) offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
