MIRC Electronics Limited has informed the Exchange regarding Outcome of Board Meeting held on May 16, 2026.
MIRCELECTR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MIRC Electronics (Onida brand) board approved raising up to Rs. 66 crore through issuance of 1.87 crore fully convertible warrants at Rs. 35.20 per share to 13 allottees including Resonance Opportunities Fund (Rs. 10 crore) and Nexta Enterprises LLP (Rs. 15 crore). The warrants convert to equity within 18 months, with 25% paid upfront and 75% on conversion. The board also noted no deviation in utilization of Rs. 1,495 crore raised in October 2025 - funds were used as planned for working capital (Rs. 1,125 crore) and general corporate purposes (Rs. 370 crore). An EGM has been scheduled for June 8, 2026 for shareholder approval of the preferential issue. Post-conversion, promoter holding will dilute from 40.51% to 38.56% while public shareholding increases from 59.49% to 61.44%.
The preferential allotment will dilute existing shareholders' stakes by approximately 5% on a fully diluted basis. The Rs. 66 crore fundraising provides growth capital but comes with warrant conversion risk if share price falls below Rs. 35.20. The upcoming EGM and shareholder vote create near-term event risk.