We wish to inform that the Board of Directors of the Company in its meeting held today i.e. 10 November 2020 have also approved the following:
1)Sale of investment of Tokai Rika Minda India Private Limited (TRMN)
Tokai Rika Minda India Private Limited (hereinafter called as TRMN) is a Joint Venture Company of the Company and Tokai Rika Co. Ltd. Japan in which 87.14% stake is held by Tokai Rika Co. Ltd. Japan and 12.86% stake is held by Minda Finance Limited.
As a corporate restructuring activities the Board approved the sale of 12.86% stake of TRMN comprising of 2 25 00 000 equity shares of face value of Rs. 10/- each to Minda Industries Limited at Rs. 10.04/- per share based on the Valuation Report of Independent Valuer for a total consideration of Rs. 22.59 Crores (Rupees Twenty-Two Crores Fifty-Nine Lacs Only).
It is for your information and records please.
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