MIRC Electronics Limited has informed the Exchange regarding allotment of 49489845 securities pursuant to Rights Issue at its meeting held on August 01, 2025
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MIRC Electronics (maker of Onida brand TVs) has completed the allotment of 4.94 crore fully paid-up equity shares under its rights issue at Rs. 10 per share (face value Re. 1, premium Rs. 9). The total capital raised is approximately Rs. 49.49 crore, close to the originally planned Rs. 50 crore approved by the board in September 2024. As a result, the company's paid-up equity share capital has increased from Rs. 23.09 crore (23.09 crore shares) to Rs. 28.04 crore (28.04 crore shares), representing a dilution of about 21.4% in the share count. The allotment was approved by the Rights Issue Committee at its meeting on August 1, 2025.
Existing shareholders who did not subscribe to the rights issue will see their stake diluted by around 21.4%. The company strengthens its balance sheet with nearly Rs. 49.5 crore in fresh capital, which can be used for growth, debt reduction, or working capital needs. Short-term share price may face pressure due to the increased share count, unless the capital is deployed efficiently.