The board of Minda Industries on Monday approved a ₹250-crore rights issue and a non-convertible debentures issue up to ₹300 crore on private placement basis. The promoter and the promoter group have confirmed that they will subscribe to the full extent of their aggregate rights issue, it said.
The company has constituted a committee to decide on other details such as price, entitlement ratio and record date, among others. The net profit of the firm plunged to ₹5.17 crore for the quarter ended March 2020, compared to ₹47.99 crore in the same period last year. Total income too slipped to ₹753.85 crore (₹851.37 crore). The board has decided to conserve cash and has therefore, not recommended any further dividend. The interim dividend of ₹0.4 a share paid in February should be considered as dividend for FY20, it said.