Minda Corporation gains as board OKs fund raising upto Rs 1,000 cr

Minda Corporation rose 1.83% to Rs 540.20 after its board approved fund raising via preferential issue of shares or qualified institutional placement (QIP) mode in one or more tranches.

In an exchange filling, the company said that the board of directors has approved the proposal of raising of funds by way of further issuance of securities through public and/or private offerings including preferential issue, qualified institutions placement, further public offer or any of the permissible modes (in one or more tranches), for upto Rs 1,000 crore, subject to approval of the companys shareholders and receipt of applicable regulatory approvals.

Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan India presence and significant international footprint. It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.

The companys consolidated net profit surged 42% to Rs 64.20 crore in Q1 FY25 as against 45.21 crore posted in Q1 FY24. Revenue from operations jumped 11% YoY to 1,192.39 crore for the quarter eneded 30 June 2024.

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