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Minda Industries fixes rights issue price at Rs 250 per share

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NEW DELHI: Auto components maker Minda Industries on Tuesday mentioned its board has mounted the issue price for its Rs 250 crore rights issue.

The corporate will promote shares at Rs 250 per share to eligible shareholders, a reduction of 11.33 per cent from the earlier closing price of Rs 281.95. A complete of 1 crore shares will probably be issued.

Following the announcement, shares of the corporate added 0.60 per cent to Rs 283.65 on BSE.

The corporate mentioned shareholders can apply for 1 share for each 27 shares they personal on the report date. The report date for the aim of figuring out the fairness shareholders entitled to obtain the rights entitlement is August 17, 2020.

The issue will open to subscription on August 25 and shut on September 8. The final date for on market renunciation is September 3, 2020.

The corporate’s board, on June 29, had permitted the issue of fairness shares of face worth of Rs 2 every by the use of a rights issue to eligible shareholders for an quantity aggregating as much as Rs 250 crore.

“The corporate has made crucial preparations with NSDL and CDSL for the credit score of the rights entitlements in dematerialized kind within the demat account of the eligible fairness shareholders as on the report date,” Minda Industries mentioned.

The ISIN of such rights entitlement is INE405E20015.

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