Minda Industries rights issue opens today: Key things to know

New Delhi: The rights issue of Auto components maker Minda Industries opens on Tuesday.

The company's board, on June 29, had approved the issue of equity shares of face value of Rs 2 each by way of a rights issue to eligible shareholders for an amount aggregating up to Rs 250 crore.

Here are the key things to know about Minda Industries rights issue

The rights issue will open on August 25 and close on September 8.

The last date for on market renunciation is September 3, 2020, the company said.

The company’s board has fixed the issue price at Rs 250 per equity share for its Rs 250-crore rights issue.

The board of directors of the company approved fixing of issue price at Rs 250 per equity share, including a premium of Rs 248 per equity share over face value of Rs 2 per equity share.

The rights entitlement ratio has also been fixed at one fully paid-up equity shares for every 27 equity share held by eligible shareholders as on the record date -- August 17.

Total number of rights equity shares proposed to be issued: 1,00,00,000 fully paid equity share of face value of Rs 2 each.

Record Date: The record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the Rights Issue as Monday, August 17, 2020.