Uno Minda stock surges on Q4 show, fundraising plans

Shares of Uno Minda Ltd surged over 10 per cent on Thursday after reporting strong financial performance for Q4-FY24 and fundraising plans.

Shares of Uno Minda Ltd surged over 10 per cent on Thursday after reporting strong financial performance for Q4-FY24 and fundraising plans.

Also read: Uno Minda signs technical license agreement with Starcharge EnergyThe company reported its consolidated net profit for the quarter ended March at ₹269 crore (excluding exceptional income) a jump of 47 per cent over ₹183 crore posted in the corresponding quarter last year. Revenues increased 31 per cent to ₹3,794 crore ( ₹2,889 crore) The board considered authorisation from shareholders for fundraising up to ₹2,000 crore through issue of securities including foreign currency convertible bonds (FCCBs) or other financial instruments/securities convertible into equity shares, any secured or unsecured bonds/NCDs by way of a public or private placement including but not limited to Qualified Institutions Placement in one or more tranches.

Besides, the board has also approved acquisition of 1.97 per cent stake in Toyoda Gosei Minda India from Minda Investment.

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