has received the approval of its board for a proposed merger of Harita Seating Systems Ltd. (HSSL) with the company. Reacting to the news, shares of the company were trading 0.4% higher on Friday.
The merger has the potential to create significant shareholder value backed by superior business profile and performance. "The transaction encompasses the merger of HSSL into MIL; and its 51% holding in Harita Fehrer Ltd (HFRL), which is a joint venture with Fehrer Automotive GmbH, one of the leaders in automotive seating business in Germany, Europe," the company stated in the press note after market hours to the exchanges on Thursday.
HSSL along with its subsidiary has 12 manufacturing plants at strategic locations across India, the company added.
Minda Industries Ltd's share price is currently at Rs277.65, up by Rs1.25 or 0.45%, from its previous close of Rs276.40 on the BSE.
The scrip opened at Rs280 and has touched a high and low of Rs280 and Rs268.90, respectively. So far, 1,50,933 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs7,247.68cr.