| Company | Value | Change | %Change |
|---|
“…we would like to inform you that the Board of Directors of the Company at their meeting held today, 02nd January 2025 (Started at 4.00 p.m. and ended at 4.30 p.m.) has approved divestment of wiping business division of the Company to Auto Ignition Limited on a slump sale basis,” Pricol said in a regulatory filing.
The business transfer agreement was executed on January 2, 2025, and the transaction is expected to be completed by January 31, 2025, subject to the satisfaction of conditions under the agreement.
Also Read: Pricol to acquire Sundaram Auto unit for ₹215.3 crore, invest ₹120 crore in subsidiary
The wiping business division generated revenue of ₹66.36 crores in FY24. Auto Ignition Ltd, which specialises in motors and alternators for the automotive sector, is not associated with Pricol’s promoter group.
Pricol reported consolidated profits of ₹45.07 crore for the July-September 2024 quarter, maintaining its growth momentum. The Coimbatore-based company had recorded profits of ₹33.15 crore during the same quarter of the previous financial year.
For the six-month period ending September 30, 2024, profits surged to ₹90.63 crore, up from ₹65.09 crore in the same period last year. The consolidated total income during the quarter rose to ₹674.95 crore, compared to ₹581.84 crore in the corresponding quarter of the previous year.
Also Read: Minda Corporation divests 15.07% stake in Pricol worth ₹631 crore
For the half-year ending September 30, 2024, total income stood at ₹1,297.06 crore, up from ₹1,121.90 crore in the previous year. Shares of PricolLtd ended at ₹553.75, up by ₹11.70, or 2.16% on the BSE.
