Shares of Minda Corporation Limited traded 2.2 percent higher to Rs 409.5 to scale a new 52-week high on January 18 after it offloaded a 15.07 percent stake in automotive components maker Pricol Ltd for around Rs 631 crore through an open market transaction.
According to block deal data from the NSE, Minda Corporation Ltd sold over 1.83 crore shares at an average price of Rs 343.60 per share, a discount of about 14 percent from the previous close of Rs 400.
In the last year, the stock has gained over 77 percent, significantly higher than Nifty's 20 percent rise over the same period.
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After the latest transaction, Minda Corporation's shareholding has declined to 0.63 percent from a 15.70 percent stake (at the end of the December quarter) in the company.
The buyers in the block deal included ICICI Prudential Mutual Fund (MF), Fidelity India Fund, Tata MF, Aditya Birla Sun Life Insurance Company, Goldman Sachs India, City of New York Group Trust, and Carnelian Asset Management & Advisors, among others.
Minda Corporation had acquired 1.91 crore shares or 15.7 percent of Pricol's total equity at Rs 209 per share on February 17 last year in a deal valued at Rs 400 crore.
The company manufactures electronic and mechanical security systems. It offers systems and electronic controllers for electric vehicles.
Meanwhile, shares of Pricol also traded over 4 percent higher to Rs 386 on the bourses.
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