Minda Industries announces merger of its four subsidiaries, stock positive
The Haryana-based auto component manufacturer Minda Industries has informed in a stock exchange filing on Friday that its board has approved amalgamation of four of its subsidiary companies.
The company released a press note on Thursday after market hours that it received board’s approval for amalgamation of four domestic wholly-owned subsidiaries with the company, namely, Minda Rinder, Minda Distribution & Services, Minda Auto Components and M J Castings. The rationale for the amalgamation is to create a stronger standalone entity to pursue the next level of growth. This scheme of amalgamation is subject to necessary statutory and regulatory approvals, including the approval of the jurisdictional National Company Law Tribunal. The amalgamation is expected to be completed by the end of the financial year.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others. The company also reported its fourth quarter results on Thursday. The revenue for FY19 grew by 29 per cent to Rs. 5908.09 crore.
Stock closed trading session at Rs. 330, up by 3.5 per cent on the BSE.