MIRC Electronics Limited , known for its Onida brand, has reported a loss before tax of Rs 1,427.00 lakhs for the half year ended September 30, 2025. Despite the financial setback, the company has been actively engaged in various fund-raising activities to strengthen its financial position.

Rights Issue Completion

The company successfully completed a rights issue, raising Rs 4,948.00 lakhs by issuing 4.95 crore equity shares at Rs 10.00 per share. The funds are earmarked for working capital and general corporate purposes, demonstrating the company's focus on operational liquidity and strategic flexibility.

Debt Financing

In addition to the equity raise, MIRC Electronics issued 6,000 non-convertible debentures worth Rs 6,000.00 lakhs to Neo Income Plus Fund. This debt instrument is specifically allocated for working capital, further bolstering the company's operational resources.

Preferential Allotment

The Board of Directors approved an allotment of 8.89 crore equity shares on a preferential basis at Rs 16.81 per share, aggregating to Rs 14,952.00 lakhs. This move indicates strong investor confidence in the company's future prospects.

Asset Monetization

MIRC Electronics recognized an exceptional profit of Rs 2,056.00 lakhs from the sale of property in Mumbai, showcasing its ability to unlock value from its real estate assets.

Employee Stock Option Scheme

An Extra-Ordinary General Meeting is scheduled for January 16, 2026, to seek shareholder approval for a revised Employee Stock Option Scheme 2023. The scheme covers 21.75 lakh stock options, potentially aligning employee interests with the company's long-term performance.

Executive Compensation

The meeting will also address the revision in remuneration for Mr. Shirish Suvagia, Whole time Director & CFO, subject to shareholder approval.

Fund Utilization

The company has provided a detailed breakdown of the funds raised through the rights issue:

The Audit Committee has confirmed that there is no deviation or variation in the use of proceeds from the Rights Issue.

These strategic financial moves come at a crucial time for MIRC Electronics as it navigates through challenging market conditions. The company's multi-pronged approach to fundraising, including equity, debt, and asset monetization, reflects its commitment to strengthening its financial foundation and pursuing growth opportunities in the competitive electronics market.

MIRC Electronics Limited , the company behind the Onida brand, has secured strong shareholder support for its plan to issue equity shares on a preferential basis. The decision came during an Extra-Ordinary General Meeting (EGM) held on September 6, conducted via video conferencing.

Voting Results

The special resolution for the preferential equity share issue received near-unanimous approval, with an impressive 99.99% of valid votes cast in favor. The voting process, which included both remote e-voting from September 3-5 and e-voting during the meeting, saw participation from 196 members.

According to the scrutinizer's report, prepared by Practicing Company Secretary Mahesh M. Darji:

Shareholder Participation

The EGM, which took place at 3:00 PM on the scheduled date, allowed shareholders to participate through video conferencing, adhering to the guidelines set by the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI).

Scrutinizer's Confirmation

Mr. Mahesh M. Darji, appointed as the scrutinizer for the voting process, confirmed that the resolution secured the requisite majority. In his report, Darji stated, "The resolution having secured requisite majority of votes, may be considered to have been passed."

Management's Response

Kaval Mirchandani, Managing Director of MIRC Electronics Limited, signed off on the scrutinizer's report, indicating the management's acknowledgment of the voting results and the shareholders' decision.

Implications

The overwhelming support for the preferential equity share issue suggests strong shareholder confidence in the company's future plans. This decision could potentially provide MIRC Electronics with additional capital for expansion, debt reduction, or other strategic initiatives.

While the specific details of the preferential issue were not disclosed in the available information, such moves are typically aimed at strengthening the company's financial position or funding growth opportunities.

As MIRC Electronics moves forward with this shareholder-approved initiative, investors and market watchers will likely keep a close eye on how the company utilizes the proceeds from the preferential share issue and its impact on the company's future performance.

The company has duly informed the BSE Limited and the National Stock Exchange of India Limited about the EGM results, maintaining transparency with the market regulators and stakeholders.