MIRC Electronics Limited has informed the Exchange regarding Notice of undefined to be held on Jun 08, 2026
MIRCELECTR · price
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MIRC Electronics Limited (Onida brand) has called an Extra-Ordinary General Meeting on June 8, 2026 to seek shareholder approval for issuing up to 1.87 crore convertible warrants at Rs. 35.20 per warrant. The total fund raise amounts to approximately Rs. 66 crore from 13 non-promoter allottees including Resonance Opportunities Fund (Rs. 10 crore), NEXTA Enterprises LLP (Rs. 15 crore), and several individuals. Each warrant entitles the holder to subscribe to one equity share within 18 months from allotment. Holders must pay 25% upfront (Rs. 8.80 per warrant) and the remaining 75% upon conversion. This requires a special resolution passed by 75% of shareholders present at the EGM. The meeting will be held virtually on June 8, 2026 with remote e-voting from June 5-7, 2026.
This preferential issue will cause significant equity dilution for existing shareholders if warrants are fully converted, potentially adding ~20% more shares. The Rs. 66 crore fund infusion strengthens MIRC's balance sheet and financial flexibility. The stock may see volatility around the EGM depending on shareholder sentiment about the dilution terms.