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The Committee of Minda Industries has approved the acquisition of second tranche (final tranche) of 3,07,850 equity shares of the face value of Rs 10 each at a premium of Rs 70, i.e. Rs 80 per share, of Strongsun Renewables, for a total cash consideration of Rs 2.46 crore. The transaction is expected to be completed on or before 6 November 2021.
With the acquisition of shares, Minda Industries holds 28.10% stake of total paid-up share capital of the SPV. The acquisition of the shares is for availing solar power for its manufacturing units situated at Maharashtra.
On a consolidated basis, Minda Industries reported a net profit of Rs 29.90 crore in Q1 FY22 as compared to a net loss of Rs 134.91 crore in Q1 FY21. Net sales surged 242.5% to Rs 1,602.55 crore in Q1 FY22 over Q1 FY21.
Shares of Minda Industries rose 0.28% to Rs 764.70 on BSE. Minda Industries is a flagship Company of UNO MINDA Group, which manufactures automobile components for original equipment manufacturers (OEMs).
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