Mirc Electronics Ltd Board approves Rights Issue

The Board of Directors of Mirc Electronics Ltd at its meeting held on December 04, 2013, have considered and approved the proposal of raising of funds of upto Rs. 33 crores by way of issue of equity shares to the existing shareholders of the Company on a rights basis (Rights Issue) subject to all applicable statutory and regulatory approvals. The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters shall be decided by the Committee constituted for the said purpose in consultation with the Lead Managers to the Rights Issue. The Committee so constituted shall be free to determine all terms of the Rights Issue.

The Board approved re-classification of the authorized share capital of the Company by cancelling and re-classifying 20,00,000 unissued 5% Cumulative Redeemable Preference Shares of face value Rs. 100/- (Rupees Hundred) each into 20,00,00,000 Equity Shares of Re. 1/- (Rupee One) each.

The Board has gave its nod for convening of an Extra-ordinary general meeting of the Company on January 20, 2014 for obtaining the authority/approval of the members of the Company for matters mentioned above.

Shares of Mirc Electronics Ltd was last trading BSE at Rs.5.65, up by Rs.0.26 or 4.82%. The stock hit an intraday high of Rs.5.65 and intraday low of Rs.5.21.

The total traded quantity was 7344 shares as compared to 2 week average of 9477 shares.

Source : Equity Bulls

Keywords