Minda Industries stock climbs 5% after firm raises Rs 242 crore via rights issue



a close up of a flag: Minda Industries stock climbs 5% after firm raises Rs 242 crore via rights issue


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Minda Industries stock climbs 5% after firm raises Rs 242 crore via rights issue

Shares of auto components maker Minda Industries gained almost 5% on Tuesday after the company said it has raised over Rs 242 crore by way of a rights issue to existing investors.  

“The rights issue committee of the board of the company has 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. The issue price is set at Rs 250 per equity Share

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

On the equity front, Minda Industries share price touched an intraday high of Rs 370 rising 4.83% against the earlier closing of Rs 352.95. The stock also hit an intraday low of Rs 349.50, after opening at Rs 351.95. The stock has gained 8.7% in the last 2 days of consecutive rise. Minda Industries share price has risen 11% in the last one week and 27% in one month. Since the beginning of this year, the stock price of Minda Industries has risen 3.83%.

Minda Industries stock currently stands higher than 5, 20, 50, 100 and 200-day moving averages. The market-cap of the mid-cap stock stood at Rs 9,925.40 crore as of today’s closing session.

On June 29, the board of directors of Minda Industries approved the issuing 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.

Minda Industries stock closed 3.41% higher at Rs 365 on BSE today.

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