Minda Industries Limited (BSE:532539) agreed to acquire 60% stake in MI Torica India Private Limited from Nirmal K. Minda, Minda Finance Limited (BSE:539303) and Minda Investments Ltd for INR 88 million on August 29, 2017. Under the terms, Minda Industries Limited will acquire 5.4 million shares at INR 16.29 per share. The consideration will be paid in cash and is based on the valuation report of an independent valuer. Upon completion of the acquisition, MI Torica India Private Limited will become a subsidiary of Minda Industries Limited. MI Torica India Private Limited had a turnover of INR 1.2 billion in 2016-17. The transaction was approved by the Board of Minda Industries Limited on August 29, 2017 and is expected to complete on or before March 31, 2018. The expected closing date of transaction has been changed to June 30, 2018.

Minda Industries Limited (BSE:532539) completed the acquisition of 60% stake in MI Torica India Private Limited from Nirmal K. Minda, Minda Finance Limited (BSE:539303) and Minda Investments Ltd on May 22, 2018.