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Last Updated : Aug 12, 2020 04:56 PM IST | Source: Moneycontrol.com

Minda Industries shares jump 5% after Board fixes price for Rs 250 crore rights issue

The rights issue will open on August 25 and close on September 8; and the last date for on market renunciation is September 3, 2020, the company said.

 
 
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Minda Industries share price jumped over 5 percent intraday on August 12. The auto components maker on August 11 said its board has fixed the issue price at Rs 250 per equity share for its Rs 250-crore rights issue.

The stock price has seen a steady rise in the last 15 days and was trading at Rs 295.75, up Rs 15.10, or 5.38 percent at 10:35 hours. It has touched an intraday high of Rs 300.65 and an intraday low of Rs 281.25.

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It was trading with volumes of 30,727 shares, compared to its five day average of 9,826 shares, an increase of 212.72 percent.

The board of directors of the company approved fixing of issue price at Rs 250 per equity share, including a premium of Rs 248 per equity share over face value of Rs 2 per equity share, Minda Industries said in a regulatory filing.

The rights entitlement ratio has also been fixed at one fully paid-up equity shares for every 27 equity share held by eligible shareholders as on the record date -- August 17, it added.

The company's board, on June 29, had approved the issue of equity shares of face value of Rs 2 each by way of a rights issue to eligible shareholders for an amount aggregating up to Rs 250 crore.

The rights issue will open on August 25 and close on September 8; and the last date for on market renunciation is September 3, 2020, the company said.

Brokerage firm KR Choksey has recommended a buy on the stock with target of Rs 336 per share. It is of the view that the company is one of the leading auto ancillary player with diversified product portfolio and having strong presence in 2-wheeler and 4-wheeler. MIL is expected to grow better than the industry on account of its diversified set product portfolio which includes switches, lighting systems, sensors, air bags, infotainment, batteries, alloy wheels, blow molded parts etc.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Aug 12, 2020 10:54 am
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