Minda Industries Ltd board approves rights issue at Rs. 250

The board of directors of Minda Industries Limited ("Company") held on June 29, 2020, approved the issue of equity shares of face value of Rs. 2 each ("Equity Shares") of the Company, by way of a rights issue to the eligible shareholders of the Company for an amount aggregating up to Rs. 250 crores in accordance with applicable laws, including the Securities and Exchange Board oflndia (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations" and the issue "Rights Issue").

The Board of Directors at its meeting held today i.e. August 11, 2020, has approved the following terms of the Rights Issue:

Issue Price: Rs. 250 per Equity Share (including a premium of Rs. 248 per Equity Share over face value of Rs. 2 per Equity Share).

Rights Entitlement Ratio: 1 fully paid-up Equity Shares for every 27 Equity Share held by eligible shareholders as on the record date.

Total No. of Rights Equity Shares Proposed to be issued: 1,00,00,000 fully paid Equity Share of face value of INR 2 each for amount aggregating to INR 2,50,00,00,000.
Record Date: the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the Rights Issue as Monday, August 17, 2020("Record Date").

Rights Issue schedule:

Issue opening date: Tuesday, August 25, 2020
Issue closing date: Tuesday, September 8, 2020;
Issue Period: Tuesday, August 25, 2020 to Tuesday, September 8, 2020 (both days inclusive) and

Last date for on market renunciation: Thursday, September 3, 2020.

Shares of MINDA INDUSTRIES LTD. was last trading in BSE at Rs.281.9 as compared to the previous close of Rs. 284.8. The total number of shares traded during the day was 18540 in over 1659 trades.

The stock hit an intraday high of Rs. 287.5 and intraday low of 279.2. The net turnover during the day was Rs. 5222917.

Source : Equity Bulls

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