Pricol sees no synergy in Minda Corp, shares slump from a hike after block deal

Speaking to CNBC-TV18, managing director Vikram Mohan said that he was not aware of this deal till late last night. “We are competitors, will not work with Minda Corp,” he said

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Automotive components and precision engineered products manufacturer Pricol saw its share price spike over 4 percent in early trade on February 17 after a large block deal in the counter.

While the buyers and sellers were not known immediately, it was reported earlier that Minda Corp was looking to acquire a stake in the company.

At 9:20am, the stock hit a 52-week high of Rs 219.25 apiece on the NSE. Soon after, it slipped into the red and was quoting at Rs 200.30 at 10:35 am, lower by 3.8 percent. The block deal saw 4.3 percent equity change hands in multiple blocks.

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Sources told CNBC-TV18 on February 17 that Minda Corp was looking to acquire up to 15.7 percent stake in Pricol at Rs 209 per share through a reverse book building process.

Speaking to the channel, Pricol Managing Director Vikram Mohan, however, said that he was not aware of this deal till late last night. “We do not see any synergies with Minda Corp. We are competitors, will not work with Minda Corp,” he added.

As of December 2022 end, the promoter and promoter group held 36.5 percent stake in the company, while public shareholding stood at 63.47 percent. “I have spoken to key institutional investors, they are firmly backing us. I have assurance of no sale from institutions which own 16 percent,” Mohan said.

In Q3 FY23, Tamil Nadu-based Pricol reported consolidated profit at Rs 26.76 crore, higher by 54.27 percent in the year-ago period. Revenue from operations was up 16.3 percent to Rs 474.8 crore during the period.

“We have turned around the company in the last few years by making it net debt free and have set it on a firm growth path. The promoters have absolutely no intent of undertaking any secondary stake sale nor does the company have any intent to raising equity capital,” Pricol said in an exchange filing.

After Pricol’s comments, shares of Minda Corp also came under pressure. It was quoting at Rs 212.80 per share, lower by 0.4 percent.