MIRC Electronics to Come up with Rs 49.49 Crore Rights Issue on July 14th

Mumbai, June 25 – MIRC Electronics Ltd (NSE: MIRCELECTR, BSE: 500279)

has announced the approval of a rights issue worth up to ₹49.49 crore following its Rights Issue Committee meeting. The meeting was held on June 24, 2025, and the issues were approved at 3:14 (existing: right).

The issue will open from July 14 to July 21, with the record date set at June 30, 2025. The price of the issue is ₹10 per share (including premium of ₹9).

At 11:42 a.m., the stock traded at ₹16.48, marking a 4.97% intraday rise. After opening green, the stock has remained stable, maintaining its gains through the morning session.

Key Issue Highlights

The company will issue up to 4,94,89,847 fully paid-up equity shares at a price of ₹10 per share, which includes a premium of ₹9 on a face value of ₹1. The rights issue will be offered in the ratio of 3 equity shares for every 14 shares held as on the record date.

Rights Issue Terms

Issue Timeline

*The Rights Issue Committee reserves the right to extend the issue period up to 30 days from the opening date.

Eligible shareholders can renounce their rights either through on-market or off-market transfers, provided the rights entitlements reach the renouncee’s demat account before the issue closing date. No withdrawal of applications will be permitted after the closure of the issue.

Regulatory Filings and Documentation

The company has already received in-principle approvals from both stock exchanges:

• NSE Reference: NSE/LIST/46541 (dated March 7, 2025)
• BSE Reference: LOD/RIGHT/PR/FIP/1833/2024-25 (dated February 18, 2025)

The Letter of Offer will be filed with BSE, NSE, and SEBI. The Abridged Letter of Offer, Composite Application Form (CAF), and Rights Entitlement Letter (REL) will be dispatched by the Registrar and Share Transfer Agent in due course.

Management Commentary

Vijay Mansukhani, Chairman and Managing Director, confirmed the development, stating that the committee meeting commenced at 6:00 p.m. and concluded at 7:15 p.m., with the rights issue forming the key agenda.

Market Outlook

MIRC Electronics’ rights issue approval triggered an initial upward move in its stock, reflecting investor confidence. Such fundraise is generally viewd as a strategic step with expectations of improved liquidity and steady near-term performance. As the stock has remained mostly stable after the early gain, it can be indicating a measured market response and cautious optimism about the company’s near-term direction.

About the Company

MIRC Electronics Limited, listed on NSE and BSE, is best known for its “Onida” brand. The company operates in the consumer durables segment, offering products such as televisions, air conditioners, washing machines, and other home appliances. With a legacy of over four decades, MIRC continues to cater to Indian households through innovation and strong brand equity.

REF: https://nsearchives.nseindia.com/corporate/MIRCELECTR_24062025214816_Outcome_of_Rights_Issue_Committee_Meeting.pdf

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations