Pricol to buy Brazil-based auto company; stock rallies

MUMBAI: Shares of Pricol surged in rangebound trade after the company proposed to acquire 99.99 per cent stake in a Brazil-based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain.

"The aforesaid Company in Brazil achieved sales revenue of Rs 3011 million during the calendar year 2013. This acquisition will enable Pricol to make a foray into the Brazilian Auto Component Industry," the company said in a filing to stock exchanges.

The acquisition is expected to be completed by the end of January 2015.