Mirc Elec­tron­ics to raise ` 1.44 bil­lion from mar­quee in­vestors

Electronics Bazaar - - Industry News -

Mirc Elec­tron­ics, which owns the Onida brand, plans to raise an eq­uity in­vest­ment of

` 1.44 bil­lion from mar­quee in­vestors to meet its long-term work­ing cap­i­tal and cor­po­rate re­quire­ments.

The board has ap­proved the is­sue of 19.2 mil­lion eq­uity shares and 19.2 mil­lion war­rants, con­vert­ible into eq­uity shares on a pref­er­en­tial ba­sis at an is­sue price of

` 37.53 to its sev­eral non­pro­mot­ers to aug­ment its long-term work­ing cap­i­tal and cor­po­rate re­quire­ments, a com­pany state­ment said.

Ac­cord­ing to the me­dia state­ment, the is­sue price has been deter­mined in ac­cor­dance with SEBI reg­u­la­tions, 2009. This would re­sult in an in­fu­sion of ` 1.44 bil­lion worth of eq­uity into the com­pany. Ev­ery war­rant is en­ti­tled to re­ceive one eq­uity share at the time of con­ver­sion within a pe­riod of 18 months from the date of is­sue of war­rants, sources at Mirc Elec­tron­ics have said.

“This re­it­er­ates the faith of the in­vestors in the growth prospects of the com­pany. This in­fu­sion of eq­uity into the com­pany at this junc­ture would def­i­nitely strengthen our po­si­tion and im­prove our ag­gres­sion in the mar­ket,” said Mirc Elec­tron­ics man­ag­ing di­rec­tor Vi­jay Man­sukhani.

The board con­vened an ex­tra­or­di­nary gen­eral meet­ing (EGM) of the share­hold­ers on De­cem­ber 27 to get their ap­proval for the is­sue of shares and war­rants.

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