Minda Industries has successfully concluded the fund raising exercise through Qualified Institutional Placement (QIP) for Rs 300 crore. The initial issue size was proposed for Rs 275 crore, but given the over subscription of 2x, the company exercised its green shoe option and upsized the issue size to Rs 300 crore. 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 ongoing consolidation exercise.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
