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Minda Ind

23rd-Oct-2021 14:22Source: BSE

Minda Industries - Announcement under Regulation 30 (LODR)-Acquisition

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the SEBI LODR"), it is informed that the Investment Committee of the Board of the Company at its meeting held on 22 October, 2021 has approved the second tranche of Investment in equity shares of Strongsun Renewables Private Limited, the Special Purpose Vehicle ('The SPV') Company.
The Committee approved the acquisition of 3,07,850 equity shares of the face value of Rs.10 (Rupees Ten) each at a premium of Rs.70 (Rupees Seventy) i.e. Rs.80 (Rupees Eighty) per share of Strongsun Renewables Private Limited (''the SPV''), aggregating to Rs. 2,46,28,000/- (Rupees Two Crores Forty Six Lacs Twenty Eight Thousand only).
With the aforesaid acquisition of shares, the Company, Minda Industries Ltd. holds 28.10% stake of total paid-up share capital of the SPV. The aforesaid acquisition of the shares is for availing solar power for its manufacturing units situated at Maharashtra.