The shareholders’ of Minda Industries have provided their approval to the company to raise funds up to Rs 500 crore through combination of debt and equity.
The Chairman of the company, NK Minda has said that management is still evaluating an option for dilution of equity. The promoters have been holding around 70 percent, of which a 5-7 percent dilution is possible.
Minda Industries will be using the funds raised for consolidating its business as well as large orders.
The company will set aside Rs 200 crore as reserve cash, of Rs 500 crore raised.