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Business News/ Companies / P Mukund to sell 10.35% stake in Igarashi Motors

Automobile motor maker Igarashi Motors India Ltd Monday said one of its large shareholders will sell over 3.3 million shares amounting to 10.35% in the company in an offer for sale (OFS) at a floor price of 650.

P. Mukund, who is selling the stake, owns 32.60% or nearly 10 million shares in Igarashi. The offer will be open on 12 and 13 July, the company informed the stock exchanges. Retail investors can apply only on the second day.

Another major shareholder of the company is Agile Electric Sub Assembly Pvt. Ltd, which owns 41.92% stake.

In January 2015, Igarashi Electric Works Ltd of Japan and MAPE Advisory Group Pvt. Ltd had agreed to buy the entire stake of 97.9% of global private equity fund Blackstone Group Lp in Agile Electric for $106.4 million ( 656.59 crore). The transaction had triggered an open offer for Igarashi.

In June 2015, Tata Capital Growth Fund, along with an offshore fund managed by it, put in $37 million as part of the $106 million deal. This gave a significant minority stake to Tata Capital Growth Fund. MAPE and its own investors brought in around $9.4 million and the rest came from Igarashi.

The Chennai-based company is an electric motor supplier to the power train actuator application. It also produces micro motors and its accessories for the automotive sector. Igarashi sells its products in Asia, Europe and the US.

Igarashi Motors India Ltd gained 1.12% to close at 701.50 per share while the benchmark index, Sensex gained 1.84% to close at 27626.69 points.

In the fiscal year ended March 2016, the company reported a net sales of 444.98 crore and net profit of 63.64 crore.

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Updated: 11 Jul 2016, 08:29 PM IST
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