Mehai Technology’s Rs. 74.11 crore Rights Issue concludes, oversubscribed by 143.6%

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.

If you object to the content of this press release, please notify us at pr.error.rectification@gmail.com. We will respond and rectify the situation within 24 hours.