Minda Industries' Rights Issue Price Fixed at Rs 250 per Equity Share

Leading auto component manufacturer Minda Industries said  that its board of directors has fixed a price at Rs 250 per equity share for its Rs 250 crore rights issue.

The rights issue will open on August 25 and close on September 8. The last date for on market renunciation is September 3, the company said in regulatory filings at stock exchanges.

"The board of directors 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," it said.

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.

On June 29, the company's board 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.

Minda Industries is a flagship company of Uno Minda Group which manufactures automobile components for original equipment manufacturers. It is an Rs 8,000 crore group with over 62 manufacturing plants globally.