PNN
Kolkata (West Bengal) [India], October 18: Mehai Technology Limited (BSE: 540730), a diversified company with interests spanning electronics trading, IT services, and EPC projects, has successfully completed its Rs. 74.11 crore Rights Issue. The issue received an overwhelming response from investors, achieving an oversubscription of 143.69%, reflecting strong confidence in the company's vision and growth trajectory.
The Rights Issue, which opened on September 26 and closed on October 17, offered 37.05 crore fully paid-up equity shares at an issue price of Rs. 2 per share. The Rights Entitlement ratio was 1:1. The attractive and investor-friendly pricing, along with the company's clear commitment to shareholder value, were key factors driving the robust participation.
Speaking on the completion of the Rights Issue, MR. Jugal Kishore Bhagat, managing Director of Mehai Technology Limited, said, "We are deeply grateful to our shareholders for their overwhelming response to the Rights Issue and continued faith in their company. Their support is a strong endorsement of our strategic direction and our efforts to create sustainable value. This fundraiser further strengthens our financial foundation and will enable us to drive future growth across our key businesses."
The funds raised through the Rights Issue will be utilised for repayment or prepayment of existing borrowings, working capital requirements, loans to subsidiary Mehai Aqua for repayment of bank borrowings, and general corporate purposes.
Even though a Rights Issue does not require the formal appointment of a merchant banker, Mehai Technology appointed Finshore Management Services, one of the leading merchant bankers in the country, which played an instrumental advisory role in ensuring the process remained transparent and investor-centric.
Mehai Technology's shares closed at Rs. 7.44 on Friday. Its shares have traded between Rs. 5.66 and Rs. 19.25 in the last 52 weeks.
Mehai Technology is engaged in the manufacturing of LED bulbs and fixtures, including moon light bulbs, tube lights, pen drives, and power banks. It is engaged in trading electronic products and also provides IT services such as software maintenance, PAN validation, and SMS analysis. It also operates in EPC and modernisation projects such as solar, electrical infrastructure, and construction.
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