Mumbai: Shares of auto components maker Minda Industries soared by over 18 per cent today as the company acquired Spain-based Rinder Group’s global automotive lighting business for 20 million euros (over Rs. 145 crore).
The stock zoomed 18.44 per cent to Rs. 998.75 on BSE.
At NSE, shares of the company spurted by 17.71 per cent to Rs. 992.
The acquisition includes 100 per cent equity holding in Rinder India, Spain-based Light Systems and Technical Center, along with 50 per cent stake in Rinder Riducu, Colombia.
“This acquisition will give us immense advantage technology wise in lighting solutions and will further augment the R&D capabilities of the company. With this acquisition the company’s lighting business will have turnover in excess of Rs. 700 crore,” Uno Minda Group Chairman N K Minda told PTI.
The turnover from the lighting business is currently around Rs. 300 crore, he added.
“Our vision is to achieve 25 per cent of group turnover from international business. The overseas leg of this global acquisition will ensure that the company moves closer to its vision and expand its geographical footprints further,” Minda said.
The deal will be financed through a mix of internal accruals and debt.
PTI