Shares of Minda Corporation, at Rs 226.15 and Pricol at Rs 219, surged 6% on the BSE in intraday trade Friday on reports that Minda Corporation plans to buy about 15.7% of Pricol for Rs 400 crore at Rs 209 per share.

At 9:23 am, Pricol erased its intraday gains, up 0.46% to Rs 209.25 after the company’s promoters denied plans for a stake sale. Minda Corporation rose 2% to Rs 217.65 on the BSE. The S&P BSE Sensex fell 0.5% to 61,021.

The promoters have absolutely no intention of undertaking any secondary sale of promoter equity, nor do the company intend to raise any form of equity capital as the company has a solid financial foundation and healthy cash margins to meet its capital needs, Pricol said in clarifying media news that future growth of.

The company said the promoters and management are committed to their stakeholders and are bullish on the organization’s growth prospects and solid financial footing.