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Minda Industries gains on acquisition of Spain based Rinder Group

Shares of Minda Industries has rallied 8% to Rs 910 on the BSE in early morning trade after the company announced an acquisition of the global lighting business of Spain-based Rinder Group for €20 million (over Rs 145 crore).

The acquisition includes 100% equity holding in Rinder India, Spain-based Light Systems and Technical Center, along with 50% stake in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts.

“This acquisition will establish Minda Industries as technology leader in lighting solutions and will further augment the R&D Capabilities of the company.” Uno Minda Group chairman N.K. Minda.

With this acquisition the company’s lighting business will have turnover in excess of Rs 700 crore, which is currently around Rs 300 crore, he added.

At 10:02 AM, the stock was up 7% at Rs 900 on the BSE. A combined 33,630 equity shares changed hands on the counter on the BSE and NSE.