Media reports earlier in the day suggested that Minda Corporation (NSEI:MINDACORP) is looking to acquire up to 15.7% stake in precision engineered products manufacturer Pricol Limited (NSEI:PRICOLLTD) through a reverse book building process. The reports further stated that Minda Corp. is looking to invest INR 4,000 million in Pricol to acquire the stake.

Pricol Managing Director Vikram Mohan was quoted by the media saying that neither he nor promoters or institutions, which own stakes in Pricol, have any intention to sell. The MD reported said there was no question of selling a stake as the company is doing very well and is on the growth curve. Offering a clarification on the same, Pricol filed a statement with the bourses stating: "Our company has no information in this regard.

We don't find any communication from Minda Corporation Limited to the stock exchanges regarding the said news. Minda Corporation Limited is a competitor in one of our major business segments. It further added: "Managing Director of Pricol Limited has issued a clarification a little while earlier reiterating that the promoter group stands fully committed to the company and that they have absolutely no intent in undertaking any secondary sale of promoter's stake.