Minda Industries fixes rights issue price at Rs 250 per equity share

NEW DELHI, Aug 11: Auto components maker Minda Industries on Tuesday said its board has fixed the issue price at Rs 250 per equity share for its Rs 250-crore rights issue.
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. (PTI)