MIRC Electronics Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 06, 2025
MIRCELECTR · price
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MIRC Electronics (the Onida brand company) has called an Extraordinary General Meeting (EGM) on Saturday, September 6, 2025, at 3:00 p.m. via video conferencing, to seek shareholder approval for a preferential issue of up to 8,89,49,900 equity shares (face value Re. 1) at Rs. 16.81 per share, including a securities premium of Rs. 15.81. The total size of the issue is approximately Rs. 149.52 crores, proposed to be allotted to four non-promoter (public category) allottees, with Authum Investment & Infrastructure Ltd being the largest subscriber at Rs. 131.62 crores (7.83 crore shares). Other allottees include Vikram Kotak (HUF), Jamish Investment Pvt. Ltd., and APT Real Estates Pvt. Ltd. The company plans to deploy the proceeds towards working capital requirements (Rs. 112.52 crores) and general corporate purposes (Rs. 37 crores) over the next 12 months. The relevant date for determining the floor price is August 7, 2025, with the cut-off date for e-voting eligibility set as August 30, 2025, and remote e-voting running from September 3 to September 5, 2025.
The preferential allotment of nearly 8.89 crore new shares will result in meaningful equity dilution for existing shareholders and increase the company's share count substantially. On the positive side, the Rs. 149.52 crore fund raise is aimed at strengthening working capital and supporting business growth, which could be value-accretive over time if deployed effectively. Shareholders should evaluate the EGM resolution carefully, as the issue price of Rs. 16.81 is close to the regulatory floor price, and the outcome will depend on the vote on September 6, 2025.