Pricol denies Minda Corp claim of buying 15.7% stake in firm for Rs 400 cr

Coimbatore-based automotive components company denies promoters selling stake

Minda Corporation on Friday announced acquiring a 15.7 per cent stake in Pricol, which denied the Rs 400-crore deal and said it will not allow a hostile takeover.

Minda, in an exchange filing, said that it has bought 19.1 million shares of Coimbatore-based Pricol for Rs 400 crore at Rs 209 per unit in an open-market transaction that did not need prior approvals. Minda said the investment will strengthen its presence in the dashboard instruments business, but it will not fetch it any special rights in Pricol.

Pricol’s promoter group, which holds 36.53 per cent in the automotive components company,