Minda raises Rs 300 crore For Capacity Expansion

Auto components manufacturer Minda Industries today has announced raising Rs 300 crore through Qualified Institutional Placement (QIP).

In a filing to the Bombay Stock Exchange, it said the initial issues 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.

Investors who participated in the issue include HSBC Global, Bajaj Allianz, DSP Blackrock, IDFC and IDBI Federal, among others. The capital raised shall be used for capex and ongoing consolidation exercise.

Commenting on the development, Minda Industries Chairman and MD NK Minda, said, “this is an important milestone in our corporate journey. This reinforces faith of reputed international and domestic institutional investors in the business we are pursuing and shall be investing in near future.”

Image Credit : vccircle.com

Research Desk

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