Minda Industries raises over ₹242 crore through rights issue1 min read . Updated: 15 Sep 2020, 10:51 AM IST
Minda Industries has allotted 97,11,739 equity shares at a price of ₹250 per share amounting to ₹242.79 crore
Auto components maker Minda Industries on Tuesday said it has raised over ₹242 crore by way of a rights issue to existing investors. On June 29, the board of directors of Minda Industries approved issuance of equity shares by way of a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding ₹250 crore.
"The rights issue committee of the board of company have... considered and approved the allotment of 97,11,739 equity shares of face value ₹2 each to the eligible applicants in the rights issue at an issue price of ₹250 per equity share (including a premium of ₹248 per equity share)," Minda Industries said in a regulatory filing.
Allotment of 97,11, 739 equity shares at price of ₹250 per share amounts to ₹242.79 crore.
A rights issue involves offering additional shares to existing shareholders in proportion to their existing holdings.
Shares of Minda Industries were trading 0.13 per cent higher at ₹353.40 apiece on the BSE.