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The Board of Minda Industries at its meeting held on 07 February 2022 has approved investment in equity shares of Minda Kosei Aluminum Wheel.
Minda Kosei is engaged in the development, manufacturing and sales of aluminum alloy wheels for major car OEMs and aftermarket in India.
It is a 70:30 joint venture company between Minda Group and Kosei International Trade and Investment Company, Japan (“Kosei Japan”). Investment in Minda Kosei by Minda Group is held 69.99% by Minda Industries and 0.01% by Minda Investments.
The Board of Minda Kosei has made a Right Issue Offer of Rs. 61.20 crore. Kosei Japan and Minda Investment have renounced their Right in favour of Minda Industries.
Pursuant to said Right Issue and further renunciation of right by Kosei Japan and Minda Investments, the Board of Directors of the Company today approved the further investment of Rs.61.20 crore in Minda Kosei, by way of subscription to 61,200,000 equity shares having face value of Rs.10 at par. Resultantly, MIL's stake in Minda Kosei, post investment will increase from 70% to 77.35%.
The transaction is expected to be completed on or before 31 March 2022.
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