Investor Confidence Soars: Mehai Technology's Rights Issue Oversubscribed

Mehai Technology Limited has announced the successful completion of its Rs. 74.11 crore Rights Issue, which closed with an astounding 143.69% oversubscription. Investors were evidently impressed, as the issue opened on September 26 and closed on October 17, offering 37.05 crore equity shares at Rs. 2 each.

Managing Director Jugal Kishore Bhagat expressed gratitude towards shareholders for their strong endorsement of the company's strategic goals. The generated funds are earmarked for reducing existing debts, addressing working capital needs, funding subsidiary Mehai Aqua, and fulfilling general corporate objectives.

Though a merchant banker isn’t formally necessary for a Rights Issue, Mehai Technology engaged Finshore Management Services for its expertise, ensuring a transparent and investor-friendly process. Mehai shares, involved in electronics manufacturing and IT services, closed at Rs. 7.44 on Friday.