Minda Industries raises Rs 300 crore through QIP

Auto component maker Minda Industries, the flagship company of UNO MINDA Group has raised Rs 300 crore through Qualified Institutional Placement( QIP). The initial issue size was proposed for Rs 275 crores but given the oversubscription of 2x, the company exercised its green shoe option and upsized the issue size to ₹300 crore.

Leading investors from India and the globe have participated in the issue which includes; DSP Blackrock, Sundaram, IDFC, Canara Robeco, IDBI Federal, HSBC Global, Bajaj Allianz and Lloyd Baughan among others.

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.

N K Minda, Chairman & Managing Director, said, “This is an important milestone in our corporate journey. This reinforces faith of reputed international and domestic institutional investors in the businesses we are pursuing and shall be investing in near future”.

Sudhir Jain, Group CFO, said, “This capital increase will be instrumental in achieving our near-term investment requirements, which will set a strong foundation for future growth.”

Equirus Capital Pvt. Ltd. was the sole Lead Manager to this QIP issuance.