/ Minda Industries Via QIP Raises Rs 300 Crore ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 30 March 2017


Minda Industries, an auto component maker, has raised Rs 300 crore via Qualified Institutional Placement (QIP). The firm is a flagship company of Uno Minda Group. The Company exercised its green shoe option, and upsized the issue to Rs 300 crore, as the proposed initial issue size of Rs 275 crores was oversubscribed 2x times.

Leading investors from India and the globe have participated in the issue, which includes, IDBI Federal, HSBC Global, Canara Robeco, DSP Blackrock, Sundaram, IDFC, Lloyd Baughan and Bajaj Allianz among others.

The QIP is priced at Rs 423 per share (including premium of Rs 421 per share for equity shares of face value Rs 2 per share). The capital raised shall be used for CAPEX and the ongoing consolidation exercise. Minda Industries Ltd is currently trading at Rs 439.5, up by Rs 1.85 or 0.42% from its previous closing of Rs 437.65 on the BSE.

The scrip opened at Rs 441 and has touched a high and low of Rs 445.95 and Rs 438 respectively. So far 35567(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3471.74 crore.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 452.25 on 01-Mar-2017 and a 52 week low of Rs 185.25 on 29-Mar-2016. Last one week high and low of the scrip stood at Rs 441 and Rs 429 respectively.

The promoters holding in the company stood at 74.02 % while Institutions and Non-Institutions held 6.46 % and 19.52 % respectively.

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