Minda Industries board approves allotment of over 97.11 lakh in Rs250cr rights issue; stock surges 4%

On June 29, 2020, the company's board approved rights issue for an aggregate amount not exceeding Rs250cr.

Sep 15, 2020 02:09 IST India Infoline News Service

Minda Industries
Minda Industries board of directors in a meeting held Tuesday approved allotment of 97,11, 739 equity shares under its Rs250cr worth 'Rights Issue'. At around 2.42 PM, the company's stock was trading at Rs367.85 per piece surging by 4.22% on Sensex.

In its exchange filing, Minda said, the rights issue committee of the Board of the company has considered and approved the allotment of 97,11, 739 equity shares having a face value of Rs2 each to the eligible applicants in the issue.

The issue price is set at Rs250 per Equity Share (including a premium of Rs248 per Equity Share).

Minda Industries said the allotment is pursuant to the Letter of Offer and the Basis of Allotment as finalised in consultation with the Lead Managers, the Registrar to the Issue and as approved by BSE Limited, the Designated Stock Exchange for the Issue.

Pursuant to the allotment, Minda Industries paid-up equity share capital increased from 26,22,16,965 Equity Shares to 27,19,28,704 equity shares.

On June 29, 2020, the company's board approved rights issue for an aggregate amount not exceeding Rs250cr. 

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