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Mohindra Fasteners approves rights issue worth Rs 4.82 crore

Mohindra Fasteners Limited (MFL) is coming up with a rights issue aggregative to Rs 4.82 crore. The board of directors of the company has approved a rights issue for the shareholders.

The board of directors met on December 31, 2021 to consider the proposal, which was approved by the panel, suggesting the latest regulatory filing from the company.

The New Delhi based company has fixed the size of rights issue to 5,35,680 equity shares at a price of Rs 90 apiece (including a premium of Rs 80 per share) aggregating to Rs 4,82,11,200.

The company has fixed the right entitlement ratio at 1:10, that means that eligible shareholders will be entitled for a single share for every 10 existing shares held by them as on the record date.

The record date for determining the eligible shareholders for the rights entitlement for the issue is fixed as Thursday, January 06, 2022.

The rights issue of Mohindra Fasteners Limited will open on January 24, 2022 (Monday) and the last date for on-market renunciation is fixed on February 7, 2022 (Monday). The issue closes on February 11 (Friday).

Incorporated in 1995, MFL is a manufacturer of High Tensile Fasteners which are used in the automotive and engineering sector. Fasteners are the components that join one thing to another.

Over the years, it has successfully emerged as a name to reckon with in the Indian fastener industry. It is listed on Metropolitan Stock Exchange of India (MSEI).

The company offers a wide range of cold and hot forged fasteners and precision machined components for automotive and industrial applications, employing more than 400 headcounts.

Mohindra Fasteners derives 40% of revenue from the domestic market, whereas North America, UK and Europe contribute the remaining 60% of the revenue.

MFL has three manufacturing plants on Delhi-Rohtak Road, Haryana. The company has a strong client base including Hero Motocorp, Maruti Suzuki, Hyundai India and Tata Motors.

In the financial year ended on March 31, 2021, the company reported a net profit of Rs 10.38 crore with a revenue of Rs 108 crore in the fiscal. Earning per share (EPS) of the company stood at Rs 19 per share during the financial year.

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