Minda Corp To Raise Rs 500 Cr Through NCDs; Incorporate China Subsidiary

New Delhi: Auto component maker Minda Corporation on Thursday said its board has approved proposals to raise up to Rs 500 crore through non-convertible debentures and incorporation of a wholly-owned subsidiary in China with a proposed investment of about USD 1 million.

In a regulatory filing to exchanges, Minda Corporation Limited informed the exchanges regarding the approval for issuance of non-convertible debentures (NCDs) aggregating up to Rs 500 crore in one or more tranches.

“The Board of Directors have accorded its approval for raising funds of up to Rs 500 Crore through issuance of non-convertible debentures on a private placement basis, in one or more tranches, for various funding requirements, from time to time,” it said.

Besides, the Board of Directors has also approved the incorporation of a wholly-owned subsidiary in China with a proposed investment of up to USD 1 million, the filing said.

Moreover, it has approved the sale of its investment in EVQ Point Solutions Private Ltd through Spark Minda Green Mobility Systems Private Ltd, a wholly-owned subsidiary of Minda Corporation.

EVQ Point Solutions Private Limited is a step-down associate company of the company, in which Spark Minda Green Mobility Systems Private Limited holds a 29.5 per cent equity stake.

“Consideration for the proposed sale of investment shall be intimated at the time of execution,” the filing said.

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