Auto components maker Minda Industries, on Tuesday said it has raised over Rs 242 crore by way of a rights issue to existing investors.
On June 29, the board of directors of Minda Industries approved issuance of equity shares by way of a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding Rs 250 crore.
The rights issue committee of the board of company 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).
A rights issue involves offering additional shares to existing shareholders in proportion to their existing holdings.
Minda Industries is manufacturer of diverse auto components for Indian and International OEMs which includes alloy wheel, switches, horns, and other components.
Its FY20 profit fell 45.7% to Rs 154.95 crore and revenue declined 7.5% to Rs 5,465.14 crore compared to previous year. In the June quarter 2020, company reported loss at Rs 119 crore against profit at Rs 56 crore in same period last year, and revenue fell sharply by 71% to Rs 417 crore led by COVID-19 shutdown. Two wheeler industry volumes declined by 78.5% and four wheeler industry volumes are down by 84% YoY. Gross profit margin for the quarter came in at 42.05%. For Q1FY21, EBTIDA loss was Rs 71.49 crore as compare to positive EBITDA of Rs 172.2 crore in corresponding quarter last year. EBITDA margin was negative at 17.14% for Q1FY21 compare to positive EBITDA margin of 11.96% in Q1FY20. Loss from joint venture / associates was Rs 16.21 crore compare to profit of Rs 5.9 crore in Q1FY20.
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