Minda Corp stock soars 3% on plans to acquire 19.94% stake in FP West Solar

The company will acquire 11,21,667 equity shares representing a 19.94% stake in FP West Solar at an issue price of Rs19.2 per share with a face value of Rs10 each.

Nov 24, 2021 02:11 IST India Infoline News Service

Minda Industries
Minda Corporation has agreed to acquire Equity Shares of FP West Solar Private Limited for Rs2.15cr.

The company will acquire 11,21,667 equity shares representing a 19.94% stake in FP West Solar at an issue price of Rs19.2 per share with a face value of Rs10 each.

FP West Solar is engaged in solar power generation.

This investment is for the purchase of electricity/power as a captive user on mutually agreed terms and conditions for manufacturing units in Maharashtra.

Within 60 days from the date of execution of the agreements, the acquisition is expected to complete.

At around 2.56 pm, Minda Corp was trading at Rs169.30 per piece up 3.04% on Sensex.

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