Minda Industries shares gain 3% on raising Rs 242 crore via rights issue

Minda Industries shares gain 3% on raising Rs 242 crore via rights issue

Minda Industries shares gain 3% on raising Rs 242 crore via rights issue

Minda Industries share price gained over 3 percent intraday on September 15 after the company raises over Rs 242 crore through rights issue.

The auto components maker 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 the 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 a 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.

The stock was trading at Rs 364.15, up Rs 11.20, or 3.17 percent. It has touched an intraday high of Rs 366.00 and an intraday low of Rs 349.50. It witnessed a spurt in volume by more than 1.50 times and was trading with volumes of 22,110 shares, compared to its five day average of 15,708 shares, an increase of 40.76 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages and FII / FPI or institutions are increasing their shareholding.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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