Outcome of the Board Meeting
ONIDA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mirc Electronics (Onida) Board approved raising up to Rs. 66 crore via preferential issuance of 1.87 crore fully convertible warrants at Rs. 35.20 per share to 13 investors. 25% is payable on allotment and 75% on conversion within 18 months. The company also noted no deviation in use of funds from a previous Rs. 149.52 crore raise (Oct 2025) — Rs. 112.52 crore for working capital and Rs. 37 crore for general corporate purposes fully utilized as planned. An EGM has been scheduled for June 8, 2026 to seek shareholder approval for the warrant issuance. Post-conversion, promoter holding will dilute from 40.51% to 38.56% while public holding increases to 61.44%.
The warrant issuance will dilute existing shareholders by approximately 5% on fully diluted basis. The Rs. 66 crore raise provides growth capital but current shareholders face ownership dilution. Promoter stake reduces from 40.5% to 38.6% after conversion.