Aniket Pujari
“This is to inform you that Minda Onkyo India Private Limited, a subsidiary of the company has entered into a Technical License Agreement (“TLA”) with Hyundai Mobis Co Ltd, Korea on September 25, 2024, for manufacturing of Licensed products i.e. Speakers,” Uno Minda said in a regulatory filing,
The agreement enables Minda Onkyo to manufacture licensed products, specifically speakers, for Hyundai Mobis.
This comes after Hyundai Motor India Ltd received capital markets regulator Sebi’s approval to float an initial public offering (IPO). South Korean automaker is looking to raise at least $3 billion (about ₹25,000 crore) through an initial share sale.Also Read: Hyundai Motor India plans to launch 4 EV models in future, electric version of Creta by Q4 FY25
If it goes through, Hyundai Motor India’s IPO would be the largest in India, surpassing LIC’s share sale of ₹21,000 crore. According to the Draft Red Herring Prospectus (DRHP) filed in June, Hyundai Motor India’s proposed IPO is entirely an Offer-for-Sale (OFS) of 142,194,700 equity shares by promoter Hyundai Motor Company, with no fresh issue component.
The South Korean parent is diluting some of the stake through the OFS route. Since the public issue is an OFS, Hyundai Motor India Ltd, the second largest carmaker in India after Maruti Suzuki India, will not receive any proceeds from the IPO.
In its draft papers, Hyundai Motor India stated that it expects that the listing of the equity shares “will enhance our visibility and brand image and provide liquidity and a public market for the shares”.
Also Read: Hyundai launches new Alcazar in India: New features, design update and price
Shares of Uno Minda Ltd ended at ₹1,152.50, down by ₹1.10, or 0.095% on the BSE.
