According to the managing director of Pricol Limited, Vikram Mohan, neither he nor the promoters or institutions that own shares of Pricol have any plans to sell. This statement was made one day after news stories reported that Minda Corporation was planning to buy ownership in Pricol.
We have learned through a number of media outlets that Minda Corporation plans to buy a 15.7% share in Pricol Limited. The Promoter Group of Pricol Limited, of which I am the Managing Director and a representative, reiterates its unwavering commitment to the business and its growth potential, the company stated in a Friday exchange filing.
Pricol's stock price increased by more than 4% in the opening hours of trading on February 17. The stock reached a 52-week high of 219.25 per share on the NSE at 9:20 am.
At 10.50 am on the BSE, the stock was trading roughly 4% down at 200.30 per share.
Although the buyers and sellers were not immediately identified, it had been previously rumoured that Minda Corp was looking to buy a stake in the business.
The company was turned around in the last few years by becoming net debt free, putting it on a solid growth path, and demonstrating customer confidence with a healthy order book. We also continue to invest heavily in product and process technology to stay one step ahead of the competition, the statement added.
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