Auto components maker, Minda Ind. said that it has raised over Rs 242 crore through issuance of rights to its existing investors. 

On June 29, the board of directors of the company had approved the proposal of issuance of equity shares through a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding more than Rs 250 crore.

The company in a regulatory filing said, “The rights issue committee of the board of company have… considered and approved the allotment of 97,11,739 equity shares of face value Rs 2 each to the eligible applicants in the rights issue at an issue price of Rs 250 per equity share (including a premium of Rs 248 per equity share)”. According to the statement mentioned in the regulatory filing, the company had allotted 97,11, 739 equity shares for Rs 250 per share aggregating to Rs 242.79 crore.

Minda Group is a conglomerate comprising several other companies that manufactures diverse auto components for India and International OEMs. Every company is an independent profit operating at a higher functioning level, contributing to the group’s turnover, business development and operations.  

Shares of Minda Industries were trading 0.13 per cent up at Rs 353.40 per share on the BSE.