Tamarind Family Private Trust to acquire 6.37 pc stake in Mirc Electronics

NEW DELHI: Mirc Electronics that markets products under Onida brand said Tamarind Family Private Trust plans to acquire 6.37 per cent stake in the company as a part of an ongoing consolidation process.

Tamarind Family Private Trust has been created by the promoters of the company to consolidate holdings of family members in Mirc Electronics.

After the proposed acquisition 9,028,020 shares amounting to 6.37 per cent stake from Vijay Mansukhani, the total holding of the trust in the company will go up to 18.12 per cent, Mirc said in a filing to the Bombay Stock Exchange (BSE). The trust now holds 11.75 per cent stake in Mirc.

"Acquisition price per share is nil since it is a contribution to family trust," the filing said.

The proposed date of acquisition is September 5, 2011 or any date thereafter.

The firm's scrips closed at Rs 17.80, up 4.71 per cent on the BSE.