Automotive components manufacturer Minda Corporation acquired a 15.7 percent stake in Pricol via open market transactions on February 17. The total value of the stake buy was nearly Rs 400 crore.
Minda has bought 1.91 crore equity shares in the automotive technology and precision-engineered solutions company via three block deals, of which 1.44 crore shares were acquired at an average price of Rs 209 per share, and another 46.49 lakh shares at an average price of Rs 208.93 per share.
"This is merely a financial investment without providing the company any special rights in Pricol other than the rights as a shareholder of Pricol Limited," Minda Corporation said in its filing to exchanges.
Sources had told CNBC-TV18 on February 16 that Minda Corp was looking to acquire over 15 percent stake in Pricol through a reverse book-building process.
However, as per the bulk deals data available on exchanges, there were 10 selling shareholders for Pricol. They offloaded 1.43 crore shares or 11.75 percent stake in the company at an average price of Rs 209 per share, amounting to around Rs 299.45 crore.
Aidos India Fund and Minerva Emerging Opportunities Fund were the biggest sellers in the precision-engineered solutions company, offloading a 4.92 percent stake, while others were Stream Value Fund, Unique Finman Consultancy, Antara India Evergreen Fund, Radhey Buildhome, Anirudh Damani, Aakarshan Estates, Jainco Finlease & Investment, and M2K Entertainment.
As of December 2022, Aidos India Fund was holding a 2.26 percent stake in Pricol and the shareholding by Minerva Emerging Opportunities Fund was 3.73 percent.
Pricol shares fell more than 4 percent to close at Rs 199 on the NSE, while Minda Corporation declined 4.6 percent to Rs 204.
Among other bulk deals, Norges Bank on account of the Government Pension Fund Global has bought 9.02 lakh shares or 0.81 percent stake in Prince Pipes and Fittings, at an average price of Rs 585 per share.
However, promoters Vipul Jayant Chheda and Parag Jayant Chheda were sellers, offloading 21.5 lakh shares or 1.94 percent stake in the company at the same average price. The stock closed with over a percent loss at Rs 574.
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