Automotive 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that the Company has filed a preliminary objection against the Minda Corporation Limited’s (Minda) application to the Competition Commission of India (“CCI”) for making investment in Equity Shares of
Pricol Limited up to 24.5% of total equity shares of Pricol, while also reserving the 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, Minda had sought the CCI’s approval to buy a 24.5 percent stake in Pricol according to a regulatory filing.

However, in an exchange filing, Minda stated: “This is merely a financial investment without providing the Company with any special rights in Pricol Limited other than the rights as a shareholder of Pricol Limited. This is an open-market transaction and no prior approvals have been obtained.”

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