Minda Industries Ltd board approves fund raising upto Rs. 700 Crores through issue of securities

The Board of directors of Minda Industries Ltd have considered the proposal for fund raising upto Rs. 700 Crores, to be used, as a part of the growth strategy and to augment the long-term resources of the company for meeting funding requirements of its business activities and general corporate and other financial obligation.

The Board gave its in-principle approval subject to approval of shareholders, to issue such number of Equity Shares, global depository receipts ("GDRs"), American depository receipts ("ADRs"), foreign currency convertible bonds ("FCCBs"), other financial instruments convertible into Equity Shares (including warrants or otherwise, in registered or bearer form), any security convertible into Equity Shares with or without voting/special rights, securities linked to Equity Shares and/or securities with or without detachable warrants with right exercisable by the warrant holders to convert or subscribe to Equity Shares, including the issue and allotment of Equity Shares pursuant to a green shoe option, if any (all of which are hereinafter collectively referred to as "Securities") or any combination of Securities, up to Rs. 700 Crores (Rupees Seven Hundred Crores only) or equivalent thereof in one or more foreign currency and/or Indian rupees, inclusive of such premium as may be fixed on such Securities by offering the Securities in one or more countries through public issue(s) of prospectus, private placement(s), follow on offer or a combination thereof at such time or times, at such price or prices, at a discount or premium to market price or prices in such manner and on such terms and conditions including security, rate of interest, etc., in one or more tranches, whether Indian rupee denominated or denominated in foreign currency, and/or by way of a public or private placement including but not limited to Qualified Institutions Placement ("QIP") such number of equity shares, or any other equity related instrument of the Company including to Domestic / Foreign Investors / Institutional Investors/Foreign Institutional Investors, non-resident Indians, Indian public, Individuals, Companies / Corporate Bodies ( whether incorporated in India or abroad), Mutual Funds, Banks, Insurance Companies, Pension Funds, Venture Capital Funds, Financial Institutions, Trusts, Qualified Institutional Buyers, whether shareholders of the Company or not, through a public issue and/or on a private placement basis and/or qualified institutional placement, and /or preferential issue and/or other kind of public issue and /or private placement or through a combination of the foregoing as may be deemed appropriate by the Board at its absolute discretion to strengthen the overall capital structure of the company.

Shares of MINDA INDUSTRIES LTD. was last trading in BSE at Rs.616 as compared to the previous close of Rs. 583.05. The total number of shares traded during the day was 66677 in over 3236 trades.

The stock hit an intraday high of Rs. 628.5 and intraday low of 589.05. The net turnover during the day was Rs. 40309348.

Source : Equity Bulls

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