Minda Industries fixes rights issue price at Rs 250 per share

NEW DELHI: Auto parts maker Minda Industries on Tuesday said its board has fixed the issue price for its Rs 250 crore rights issue.

The company will sell shares at Rs 250 per share to eligible shareholders, a discount of 11.33 per cent from the previous closing price of Rs 281.95. A total of 1 crore shares will be issued.

Following the announcement, shares of the company added 0.60 per cent to Rs 283.65 on BSE.

The company said shareholders can apply for 1 share for every 27 shares they own on the record date. The record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement is August 17, 2020.

The issue will open to subscription on August 25 and close on September 8. The last date for on market renunciation is September 3, 2020.

The company's board, on June 29, had approved the issue of equity shares of face value of Rs 2 each by way of a rights issue to eligible shareholders for an amount aggregating up to Rs 250 crore.

“The company has made necessary arrangements with NSDL and CDSL for the credit of the rights entitlements in dematerialized form in the demat account of the eligible equity shareholders as on the record date,” Minda Industries said.

The ISIN of such rights entitlement is INE405E20015.