Minda Finance: Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015 | Value Research

Minda Finance: Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015

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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