Mirc Electronics announces details of proposed rights issue

Rights Entitlement ratio set as 5:13

Mirc Electronics announced the Rights Issue Committee of the Company has on 10 September 2014 finalised the following terms and conditions w.r.t proposed rights issue of equity shares of the Company, including matters related/ incidental thereto:

1. Rights Entitlement ratio : 5 (Five) Equity Shares for every 13 (Thirteen) Equity Shares held on the book closure date.

2. Issue Price : Rs. 6 (Six) per equity share (premium of Rs. 5 (Five) per equity share)

3. No. of equity shares to be offered under the Rights Issue : 5,45,19,876

4. Size of the Rights Issue : Rs. 32,71,19,256

5. Outstanding Equity Shares prior to the Rights Issue : 14,17,51,678 Equity Shares of face value Re 1/-

6. Outstanding Equity Shares post Rights Issue : 19,62,71,554 Equity Shares of face value Re. 1/-

7. Terms of payment : Full amount of Rs. 6/- per equity share is payable on application. The payment towards Equity Shares will be applied as under:

- Re. 1/- towards share capital; and
- Rs. 5/- towards securities premium account

8. Fractional Entitlements : For Equity Shares being offered on a rights basis under this Issue, if the shareholding of any of the Eligible Equity Shareholders is less than 13 Equity Shares or not in the multiple of 13, the fractional entitlement of such Eligible Equity Shareholders shall be ignored. Eligible Equity Shareholders whose fractional entitlements are being ignored would be given preferential consideration for the Allotment of one additional Equity Share each if they apply for additional Equity Shares over and above their Rights Entitlement, if any.

Those Eligible Equity Shareholders holding less than 3 Equity Shares will therefore be entitled to zero Equity Shares under this Issue and shall be despatched a CAF with zero entitlement. Such Eligible Equity Shareholders are entitled to apply for additional Equity Shares. However, they cannot renounce the same in favour of third parties. CAFs with zero entitlement will be non-negotiable/ non-renounceable.

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