Auto component maker, Pricol, has filed an objection with the Competition Commission of India (CCI) against Minda Corporation over the acquisition of a 24.5 percent stake in the company.
In its filing, Pricol stated: “Pursuant to Regulation 30 of SEBI Regulations, 2015, we would like to inform that the company has filed a preliminary objection against the Minda Corporation (Minda) application to the Competition Commission of India (“CCI”) for making investment in Equity Shares of Pricol Limited upto 24.5% of total Equity Shares of Pricol, while also reserving right to challenge in detail on merits at the appropriate stage.”
Minda had acquired a 15.70 percent stake in Pricol via an open market transaction in February, and recently it sought CCI’s approval to acquire 24.5 percent stake.
However, in an exchange filing, Minda stated: “This is merely a financial investment without providing the Company with any special rights in Pricol other than the rights as a shareholder. This is an open-market transaction and no prior approvals have been obtained.”
