Minda Corporation gets board approval to raise Rs 600 crore; stock hits 52-week high

5 Jun 2023 , 12:09 PM

Minda Corporation Limited informed that the board has approved a fund raise of Rs 600 crore via the issue of securities.

The company said that the funds raised would be raised by the issue of securities through public and/or private offerings. This will involve options such as preferential issue, qualified institutions placement, further public offer, or any other acceptable methods. The issue may take place in one or multiple phases.

Minda Corporation is among the top companies that manufacture automotive manufacturing components. The company marks a significant pan-India and International presence.

Following this development, Minda Corporation was trading at Rs 297.65, down by 0.25% against the previous close of Rs 298.40 on NSE. However, before hitting the low, the counter rose to a new 52-week high of Rs 301.75.

The company recently announced its result for Q4FY23 and reported an increase in its net profit of 60.74% y-o-y at Rs 121.94 crore compared to Rs 75.86 crore in the previous corresponding quarter.

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