(MIL), in its press note to the exchanges ,informed that the board has approved amalgamation of four domestic wholly owned subsidiaries (WOS) with MIL namely Minda Rinder Pvt. Ltd., Minda Distribution & Services Ltd. , Minda Auto Components Ltd, and M J Castings Ltd.
"The rationale behind this merger is to create a stronger standalone entity to pursue the next level of growth," the company said in a press note after markets hours to the exchanges on Thursday.
This scheme of amalgamation is subject to necessary statutory and regulatory approvals including the approval of the jurisdictional National Company Law Tribunals. The amalgamation is expected to be completed by the end of the financial year.
Minda Industries Ltd's share price ended at Rs312.05, down by Rs23.6 or 7.03%, from its previous close of Rs335.65 on the BSE.
The scrip opened at Rs337.25 and touched a high and low of Rs337.55 and Rs312, respectively. A total of 3,20,302 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs8,358.17cr.