Minda Industries rallies over 16% on acquisition of Rinder

NEW DELHI: Shares of Minda Industries rallied over 6 per cent on Friday, after the auto component manufacturer said it had acquired the global lighting business of Spain-based Rinder Group for Euro 20 million.

The stock closed 16.34 per cent higher at Rs 981. The stock hit an intra-day high of Rs 1,010 and intra-day low of Rs 881.25.

The acquisition includes 100 per cent equity holding in Rinder India and Light Systems and Technical Centre in Spain; and 50 per cent equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts, said an ET report.

The lighting business of Minda Industries at present has a turnover of around Rs 300 crore per annum. Rinder Group operates in premium segment of lighting business with annual turnover of Euro 55 million (Rs 410 crore).