Shares of Minda Corporation Ltd. rose by almost 1.5% to touch a day’s high of Rs 545 on 12th September after the company received board approval to raise up to Rs 1,000 crore through the issuance of new securities.

At the board meeting on Thursday, the company decided to explore various fundraising methods, including preferential allotment of shares, Qualified Institutional Placement (QIP), or a combination of both.

They have also considered other public or private offerings and have the option to issue securities convertible into shares.

The company has not specified how it plans to use the funds after raising them. The proposed fundraising needs approval from the company’s shareholders and relevant regulatory authorities.

As of the end of June, the company’s promoters held a 64.84% stake in the company. Earlier this year, Minda Corp. sold its entire 15.07% stake in Pricol Ltd. for about Rs 631 crore, reportedly making a gain of around Rs 300 crore.

So far, in 2024, the stock has shown significant gains of 39%. The company’s market capitalisation rose to Rs 12,814 crore.

At 2:32 PM, the shares of Minda Corp. were trading 0.79% higher at Rs 535.25 on NSE.

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