Minda Industries acquires 5.24% stake in Germany-based FRIWO AG; Stock rises

30 Jun 2022 , 12:40 PM

Minda Industries Ltd has acquired 4,48,162 equity shares i.e. 5.24% stake in FRIWO AG, Germany, by investing Euro 14.99 million.

As per the filing, the investment has been made in the aforesaid company, after obtaining the requisite approvals including Reserve Bank of India (“RBI”) under Overseas Direct Investment (“ODI”) guidelines.

FRIWO AG is engaged in the business of designing, development, manufacturing, power supply, chargers, motor control units and other products for various sectors and geographies.

The industry belongs to innovative system providers of intelligent power supply and drive solutions, the company said in a filing.

At around 12:43 PM, Minda Industries was trading at Rs944.75 per share up by Rs1.5 or 0.16% from its previous closing of Rs943.25 per share on the BSE.