Minda Industries raises over Rs 242 crore through rights issue

Auto components maker Minda Industries on Tuesday said it has raised over Rs 242 crore by way of a rights issue to existing investors.

On June 29, the board of directors of Minda Industries approved issuance of equity shares by way of a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding Rs 250 crore.

"The rights issue committee of the board of company have... considered and approved the allotment of 97,11,739 equity shares of face value Rs 2 each to the eligible applicants in the rights issue at an issue price of Rs 250 per equity share (including a premium of Rs 248 per equity share)," Minda Industries said in a regulatory filing.

Allotment of 97,11, 739 equity shares at price of Rs 250 per share amounts to Rs 242.79 crore.

A rights issue involves offering additional shares to existing shareholders in proportion to their existing holdings.

Shares of Minda Industries were trading 0.13 per cent higher at Rs 353.40 apiece on the BSE.