Mirc Electronics Ltd has attracted equity investment of Rs. 144.12 crore from marquee investors

Mirc Electronics Ltd. (Onida), leading consumer durables player has informed that the board has approved issue of 1.92 crore equity shares and 1.92 crore warrants convertible into equity shares, on preferential basis at Rs. 37.53/- to non-promoters to augment its long term working capital and corporate requirements. The issue price has been determined in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. This would result in infusion of Rs. 144.12 crore worth of equity in to the company.

The Board has further approved to convene Extra-Ordinary General Meeting (EGM) of the shareholders of the company on Wednesday i.e. December 27, 2017 at 3:00 p.m. for getting the shareholders approval for the above issue of shares and warrants.

Every warrant is entitled to receive 1 equity share at the time of conversion within a period of 18 months from the date of issue of warrants.

Commenting on the development, Mr. Vijay Mansukani, MD said that, "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".

Shares of MIRC ELECTRONICS LTD. was last trading in BSE at Rs.51.8 as compared to the previous close of Rs. 54.3. The total number of shares traded during the day was 1314269 in over 4685 trades.

The stock hit an intraday high of Rs. 56.5 and intraday low of 51.35. The net turnover during the day was Rs. 70959856.

Source : Equity Bulls

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