MIRC Electronics announces fund raise via Preferential issue; Stock up 35% this week

Shares of MIRC Electronics Ltd. opened with gains of as much as 5% on Thursday, August 14, after the company lined up a fresh round of fundraising, with its board approving a preferential share issue worth ₹149.5 crore.As part of the plan, the company will allot 8.89 crore shares at ₹16.81 apiece to four investors.

Authum Investment & Infrastructure will get 7.83 crore shares, while Vikram Kotak (HUF) will receive 74.5 lakh shares. Jamish Investment is set to pick up 24 lakh shares, and APT Real Estates will acquire 7.99 lakh shares.

Post-allotment, the quartet will collectively hold about 24% in the company.The equity shares, MIRC said in an exchange filing, may be subject to a lock-in period.

This latest fundraise comes on the heels of other capital-raising moves by the consumer electronics maker.

Earlier this month, on August 1, the company allotted 4.94 crore shares at ₹10 each through a rights issue. In July, the board also approved issuing unlisted, redeemable, secured non-convertible debentures (NCDs) worth up to ₹60 crore on a private placement basis.

Shares of MIRC Electronics Ltd. settled 3.27%lower on Wednesday at ₹26. The stock has risen 6% on a year-to-date basis.