Mirc Electronics, which sells the Onida brand of TVs, today said it would raise funds up to Rs 33 crore by issuing equity shares to existing shareholders of the company.
The board has approved the proposal to issue equity shares and a committee has been formed for its implementation, Mirc Electronics said in a filing to the BSE stock exchange.
According to the notice, the board has approved for "raising of funds of up to Rs 33 crore by way of issue of equity shares to the existing shareholders of the company on a rights basis (Rights Issue) subject to all applicable statutory and regulatory approvals."
Moreover, terms and conditions of the issue including price, time and other matters shall be decided by the committee constituted for this purpose, Mirc informed the bourses.
Mirc further said that it would hold an extra-ordinary general meeting of the company on January 20, 2014, for obtaining approval.