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

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.

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..