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Minda Inds jumps on raising Rs 242 cr via rights issue

Capital Market 

Minda Industries rose 4.42% to Rs 368.55 after the company said it raised Rs 242.79 crore by allotting 97.11 lakh shares at Rs 250 each through rights issue.

On 29 June 2020, the company's board had approved the proposal to raise funds not exceeding Rs 250 crore to its eligible shareholders as on the record date.

The company offered 1 rights share for every 27 equity shares held as on the record date set as 17 August 2020. The rights issue opened on 25 August 2020 and closed on 8 September 2020.

The rights issue committee of the company today (15 September 2020) considered and approved the allotment of 97,11,739 equity shares to the eligible applicants in the rights issue at an issue price of Rs 250 per equity share.

The rights issue price is at 32.16% discount compared to the current market price of Rs 368.55 on the BSE.

Pursuant to the allotment, the paid-up equity share capital of the company stands increased from 26.22 crore equity shares to 27.19 crore equity shares.

Minda Industries is a flagship Company of UNO MINDA Group, which manufactures automobile components for original equipment manufacturers (OEMs).

The auto component maker reported consolidated net loss of Rs 118.74 crore in Q1 June 2020 compared with net profit of Rs 56.43 crore in Q1 June 2019. Net sales slumped 71% YoY to Rs 417.11 crore during the quarter.

Currently, the stock is trading 13.02% below its 52-week high of Rs 368.55 hit on 27 January 2020. It has surged 76.97% from its 52-week low of Rs 208.25 hit on 19 March 2020.

In the past one month, the scrip has gained 28.68% while the benchmark S&P BSE Sensex rose 3.13% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 15 2020. 15:27 IST