Minda Corporation Ltd shares rallied more than 8% to hit a record high on Monday after 1.1 crore shares worth around ₹476 crore changed hands in block deals.
The total number of shares that exchanged hands amount to 4.5% of the total equity as per the data available.
Sources told CNBC-TV18 that said that buyers in the block deal included both foreign institutional investors and domestic institutional investors.
According to exchange data, promoters held a 64.84% stake in the Indian auto components manufacturer. Public shareholders have the remaining 33.53% stake in the company. DIIs hold around 13.39% of the company while FPIs have a 3.57% shareholding in Minda Corp.
Minda Corp, the flagship company of Spark Minda group, this month announced bagging a major order from a leading two-wheeler manufacturer in India to produce Smart Key Systems. Minda Corp also recently announced a partnership with a Japanese company to produce these vehicle access systems. The equipment will be produced at the Pune facility of Spark Minda.
Last month, the company also divested a 15.07% stake in automotive components maker Pricol Ltd. for ₹631 crore through an open market transaction.
Minda Corp had acquired 15.7% equity in Pricol in February 2023 at ₹209 per share, in a deal worth ₹400 crore. The company made a net gain of around ₹300 crore by selling its stake last month.
Shares of Minda Corp are trading 6.4% higher at ₹432.15.
(Edited by : Hormaz Fatakia)
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