Mirc Electronics ends down by over 2%

Shares of Mirc Electronics, which owns the Onida brand, ended the session down by over 2 per cent after rallying as much as 7.4 per cent intraday.

After opening strong at Rs 55.65 against the previous close of Rs 51.80, the scrip touched an intraday high of 55.65 and a low of Rs 49. In terms of equity volume, 18.25 lakh shares exchanged hands in the evening trade.

However, the stock ended down by 2.03 per cent at Rs 50.75 on the BSE. On the NSE, the stock closed lower by 1.64 per cent at Rs 51.

The shares rallied earlier in the day as the board has approved raising of equity investment of ₹144.12 crore from marquee investors to meet its long-term working capital and corporate requirements.

According to a company statement, the board has approved issue of 1.92 crore equity shares and 1.92 crore warrants convertible into equity shares on a preferential basis at an issue price of ₹37.53 to its several non-promoters to augment its long-term working capital and corporate requirements.

The issue price has been determined in accordance with the provisions of SEBI regulations, 2009. This would result in infusion of ₹144.12 crore worth of equity into the company, the statement said.

Every warrant is entitled to receive one equity share at the time of conversion within a period of 18 months from the date of issue of warrants, the electronics and consumer durables company said.

The board has convened an extraordinary general meeting of the shareholders on December 27 for getting their approval for the issue of shares and warrants.

(With inputs from PTI)

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