Mirc Electronics Ltd fixes rights issue price as Rs. 6

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

The Rights Entitlement ratio is fixed as 5 (Five) Equity Shares for every 13 (Thirteen) Equity Shares held on the book closure date. The Issue Price is fixed as Rs. 6 (Six) per equity share (premium of Rs. 5 (Five) per equity share)

The No. of equity shares to be offered under the Rights Issue is 5,45,19,876 and the size of the Rights Issue is Rs. 32,71,19,256.

The Outstanding Equity Shares prior to the Rights Issue is 14,17,51,678 Equity Shares of face value Re 1/- which will increase to 19,62,71,554 Equity Shares of face value Re. 1/- post the rights issue.

The Terms of payment for the rights issue will be to pay the full amount of Rs. 6/- per equity share on application. The payment towards Equity Shares will be applied as Re. 1/- towards share capital; and Rs. 5/- towards securities premium account.

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.

Shares of MIRC ELECTRONICS LTD. was last trading in BSE at Rs.10.18 as compared to the previous close of Rs. 9.58. The total number of shares traded during the day was 229197 in over 1834 trades.

The stock hit an intraday high of Rs. 10.39 and intraday low of 9.45. The net turnover during the day was Rs. 2314052.

Source : Equity Bulls

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