Mirc Electronics shares jump nearly 5% on fund raising plans

MUMBAI: Stock of Mirc Electronics today jumped nearly 5 per cent after the company said it would raise funds of up to Rs 33 crore by issuing equity shares to existing shareholders.

Mirc Electronics' scrip surged 4.86 per cent to Rs 5.39 on BSE.

On NSE, the stock shot up by 4.76 per cent to Rs 5.50. The board of the company approved the proposal to issue equity shares and a committee has been formed for its implementation, Mirc Electronics said yesterday.

According to the notice to the stock exchanges, the board has approved "raising of funds of up to Rs 33 crore by way of issue of equity shares to the existing shareholders of the company on a rights basis (Rights Issue) subject to all applicable statutory and regulatory approvals."

Meanwhile, the broader market was also strong, with the benchmark BSE Sensex surging 354.46 points to 21,063.17 at 1120 hrs.