MIRC Powers Up: ₹600 Million NCD Issue to Fuel Working Capital and Expansion

MIRC Electronics Ltd, the maker of Onida-branded consumer electronics, has announced plans to raise up to ₹600 million through the issuance of unlisted, secured Non-Convertible Debentures (NCDs). The move, approved at the board meeting on July 2, 2025, is aimed at strengthening the company’s liquidity position and supporting operational needs amid a broader capital restructuring effort.

 

The NCDs will be issued on a private placement basis, with the tenure, coupon rate, and repayment terms to be finalized in subsequent meetings. This fundraising initiative comes alongside MIRC’s ongoing ₹49.49 crore rights issue, which opens on July 14, 2025, and reflects the company’s multi-pronged approach to capital infusion.

 

Key Highlights:

 

- Issue Size: Up to ₹600 million via secured, unlisted NCDs.

- Purpose: To meet working capital requirements and refinance existing obligations.

- Structure: Private placement to select institutional and high-net-worth investors.

- Parallel Capital Move: ₹49.49 crore rights issue also underway, priced at ₹10 per share.

- Record Date: June 30, 2025, for rights entitlement; issue closes July 21, 2025.

- Financial Snapshot: FY24 revenue at ₹968 crore; net loss widened to ₹62 crore.

- Strategic Context: The company is navigating margin pressures and aims to stabilize operations through targeted funding.

 

With this dual-track capital strategy, MIRC is positioning itself to weather near-term headwinds while preparing for a leaner, more agile growth phase in India’s competitive consumer durables market.

 

Sources: Economic Times, Moneycontrol, Chittorgarh