Minda Industries share price jumped over 7% on Wednesday after the auto components maker announced that its board has fixed the price at Rs 250 per equity share for its Rs 250-crore rights issue.
Company's board of directors approved fixing of issue price at Rs 250 per equity share, including a premium of Rs 248 per equity share over the face value of Rs 2 per equity share. As per the company's filing, the rights issue will open on August 25 and close on September 8 and the last date for on market renunciation is September 3, 2020.
Following the update, shares of Minda Industries touched an intraday high of Rs 300.65, rising 7.13% against the earlier close of Rs 280.65 on BSE. Minda Industries shares have gained after 2 days of consecutive fall.
Minda Industries share price also touched a low of Rs 281.25, after opening at Rs 281.80. The stock price of Minda Industries has risen 5.18% in one week.
Minda Industries shares trade higher than 5, 20, 50 and 100-day but lower than 200-day moving averages. Market cap of the firm stood at Rs 7,717.05 crore as of today's session.
"The rights entitlement ratio has also been fixed at 1 fully paid-up equity shares for every 27 equity share held by eligible shareholders as on the record date- August 17," company said in its regulatory filing submitted yesterday.
The record date for the purpose of determining the equity shareholders who are entitled to receive the rights entitlement in the Rights Issue is August 17, 2020, it later added.
Earlier on June 29, company's board had approved the issue of equity shares of the face value of Rs 2 each by way of a rights issue to eligible shareholders for an amount aggregating up to Rs 250 crore.