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21-Nov2018

Minda Corporation shines on entering into agreements with Furukawa Group of Japan

Minda Corporation is currently trading at Rs. 141.35, up by 10.50 points or 8.02% from its previous closing of Rs. 130.85 on the BSE.

The scrip opened at Rs. 136.35 and has touched a high and low of Rs. 145.00 and Rs. 133.65 respectively. So far 55433 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 229.00 on 27-Dec-2017 and a 52 week low of Rs. 106.00 on 26-Oct-2018.

Last one week high and low of the scrip stood at Rs. 145.00 and Rs. 127.00 respectively. The current market cap of the company is Rs. 3218.60 crore.

The promoters holding in the company stood at 64.67%, while Institutions and Non-Institutions held 13.22% and 22.11% respectively.

Minda Corporation has entered into definitive agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric (JVCO). As per the proposed realignment, the equity stake of joint-venture partner in the JVCO will change from 49% to 75% and stake of Minda Corporation will change from existing 51% to 25%.

The change in equity structure will be through a mix of sale of shares of JVCO by Minda Corporation and additional equity infusion into JVCO by Furukawa Group of Japan. The Joint Venture between Minda Corporation and Furukawa Group, Japan shall continue, with Minda Corporation continuing to hold a significant 25% equity stake.

Minda Corporation is a diversified company with a product portfolio encompassing from Mechanical & Electronic Security System, Electronic Controllers for Electric Vehicles and for Auto OEM's across the Globe. It also manufactures Die Casting Parts for auto and consumer durable industry.


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