Uno Minda gains on getting nod to increase stake in Minda Westport Technologies
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UNO Minda is currently trading at Rs. 600.00, up by 4.80 points or 0.81% from its previous closing of Rs. 595.20 on the BSE.
The scrip opened at Rs. 607.95 and has touched a high and low of Rs. 610.20 and Rs. 598.55 respectively. So far 5224 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 660.30 on 17-Aug-2023 and a 52 week low of Rs. 433.00 on 24-Mar-2023.
Last one week high and low of the scrip stood at Rs. 610.20 and Rs. 590.25 respectively. The current market cap of the company is Rs. 34524.89 crore.
The promoters holding in the company stood at 70.05%, while Institutions and Non-Institutions held 23.64% and 6.30% respectively.
Uno Minda’s board has approved to increase stake in Minda Westport Technologies (MWTL) from 50% to 76% by acquiring additional 26% stake from its joint venture partner Westport Fuel Systems Italia S.r.l. (Westport). The purchase consideration for 26% stake is approximate Rs 14.81 crore. The acquisition of shares is targeted to be completed on or before March 31, 2024. Uno Minda and Westport is also amending its joint venture agreement to include future hydrogen components in addition to CNG/LNG /LPG components and Kits in JV territory of South Asia comprising of India, Bhutan, Sri Lanka and Nepal.
Besides the acquisition of additional 26 % stake from Westport, MWTL is also acquiring the assets of Rohan BRC Gas Equipment, a wholly owned subsidiary of Westport. Rohan BRC Gas Equipment is engaged primarily in manufacture and sales of compressed natural gas (CNG) Pressure Reducers to Automotive Equipment Manufacturers and also sells CNG conversion kits to OEMs and to Aftermarket Channels. The synergies shall help MWTL to offer wider CNG/LNG/LPG/Hydrogen products and services to the growing Indian automotive market.
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.
