Minda Industries approves second tranche investment of Rs 2.46 cr in Strongsun Renewables

Minda Industries approved the second tranche of investment worth Rs 2.46 crore in equity shares of Strongsun Renewables, the Special Purpose Vehicle (The SPV) company.

The Committee of Minda Industries has approved the acquisition of second tranche (final tranche) of 3,07,850 equity shares of the face value of Rs 10 each at a premium of Rs 70, i.e. Rs 80 per share, of Strongsun Renewables, for a total cash consideration of Rs 2.46 crore. The transaction is expected to be completed on or before 6 November 2021.

With the acquisition of shares, Minda Industries holds 28.10% stake of total paid-up share capital of the SPV. The acquisition of the shares is for availing solar power for its manufacturing units situated at Maharashtra.

On a consolidated basis, Minda Industries reported a net profit of Rs 29.90 crore in Q1 FY22 as compared to a net loss of Rs 134.91 crore in Q1 FY21. Net sales surged 242.5% to Rs 1,602.55 crore in Q1 FY22 over Q1 FY21.

Shares of Minda Industries rose 0.28% to Rs 764.70 on BSE. Minda Industries is a flagship Company of UNO MINDA Group, which manufactures automobile components for original equipment manufacturers (OEMs).

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