Shares of Minda Corporation Ltd rallied 8% and hit a 52-week high of Rs 442.15 on 19 February after 1.1 crore shares of the company changed hands via a block deal.

Around 1.1 crore shares represent 4.5% of the total equity changed hands on the exchanges for a total deal value of Rs 476 crore.

The buyers and sellers involved in the block deal have yet to be identified; however, according to media outlet CNBC-TV18, the buyers in this deal include both domestic institutional investors and foreign institutional investors.

Earlier, the company announced bagging a major order from a leading two-wheeler manufacturer for producing Smart Key Systems.

The company also announced partnering up with a Japanese company to manufacture vehicle access systems that will be produced at the company’s Pune facility.

On 1 February, the company’s board of directors announced an interim dividend of Rs 0.50 per share and set 14 February as the record date for ascertaining the eligibility of shareholders for the payment of interim dividends.

Last week, the company also divested a 15.07% stake in Pricol Ltd, which is an automotive components maker, through an open market transaction for Rs 631 crore.

At 3:30 pm, the shares of Minda Corp closed 4.74% higher at Rs 425.50 on NSE.