Mihika Industries sets 9-for-1 rights issue at Rs 10 each

Mihika Industries Limited on November 2, 2026 fixed a 9-for-1 rights issue of 9 crore partly paid-up equity shares at Rs 10 each, which could increase its outstanding equity shares from 1 crore to 10 crore if the issue is fully subscribed and all call monies are paid.

What are Mihika Industries' rights issue terms?

Mihika Industries will offer 9 crore partly paid-up equity shares with a face value of Rs 10 each at an issue price of Rs 10 per share. The price includes a premium of Rs 0 per Rights Equity Share, so the stated issue price equals the share face value. The Rights Issue Committee approved these terms at its November 2, 2026 meeting.

The rights issue is sized at up to Rs 90 crore, assuming full subscription and payment of call monies. Mihika Industries had disclosed on October 28, 2026 that its board approved a rights issue of partly paid-up equity shares for an amount not exceeding Rs 90 crore. BSE Limited also gave in-principle approval for the proposed issue through a letter dated October 28, 2026.

Mihika Industries has described the securities as partly paid-up shares rather than fully paid-up shares. Its November 2 announcement does not state the amount payable on application or the amount and timing of later calls. The stated Rs 90 crore issue size is expressly conditional on both full subscription and payment of call monies.

How does Mihika Industries' 9-for-1 entitlement work?

Mihika Industries will offer 9 Rights Equity Shares for every 1 fully paid-up equity share held by eligible shareholders on the November 6, 2026 record date. For example, a holder of 100 fully paid-up shares on that date would receive rights entitlements for 900 new shares, subject to the terms in the Letter of Offer.

The record date is Friday, November 6, 2026, and Mihika Industries identified the International Securities Identification Number, or ISIN, for the rights entitlement as INE779Q20017. The company said other terms, including the treatment of fractional entitlements, will be included in the Letter of Offer to be filed by it.

The entitlement ratio offers 9 new shares for each existing fully paid-up share at Rs 10 per new share. The November 2 filing does not state whether rights may be renounced, whether shareholders can apply for additional shares, or how unsubscribed Rights Equity Shares would be handled.

How would the rights issue change Mihika Industries' share count?

Mihika Industries' outstanding equity shares could increase by 9 crore, from 1 crore before the rights issue to 10 crore after it, assuming full subscription and payment of call monies. On that basis, the post-issue equity base would be 10 times the stated pre-issue share count.

The stated post-issue total of 10 crore shares is conditional rather than confirmed. Mihika Industries attaches that figure to full subscription and payment of call monies, while its filing does not provide an alternative share count or fundraising amount if those conditions are not met.

The 9 crore Rights Equity Shares would represent 90% of the 10 crore post-issue shares under the full-subscription assumption. Mihika Industries has disclosed the 9-for-1 entitlement and the potential post-issue count, but it has not quantified the effect on shareholders who do not subscribe.

What approvals and dates has Mihika Industries disclosed?

Mihika Industries said its Rights Issue Committee approved the detailed issue terms on November 2, 2026, after the board approved the proposed issue on October 28, 2026. BSE Limited's in-principle approval was also dated October 28, 2026, before the committee fixed the Rs 10 price, 9-for-1 ratio and November 6 record date.

The committee meeting started at 7:00 p.m. and ended at 7:30 p.m. on November 2, 2026. Mihika Industries issued the announcement under Regulations 30 and 42 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015, as amended.

The next disclosed shareholder date is Friday, November 6, 2026, which is the record date for determining eligibility. The filing does not specify the rights issue opening date, closing date, application timetable, allotment date, listing schedule, or dates for the payment of call monies.

What will Mihika Industries' Letter of Offer disclose?

Mihika Industries said that other rights issue terms, including fractional entitlements, will be included in a Letter of Offer that it will file. The November 2 announcement sets the Rs 10 price, 9-for-1 entitlement ratio and November 6 record date, while leaving other offer terms for that document.

The Letter of Offer will be relevant to the partly paid-up structure because the November 2 filing does not disclose how the Rs 10 per share obligation will be divided between an initial payment and subsequent calls. Mihika Industries only states that the Rs 90 crore aggregate amount assumes full subscription and payment of call monies.

Mihika Industries also does not identify a use for the potential Rs 90 crore of proceeds in its November 2 announcement. The filing therefore does not link the proposed capital increase to a project, operating segment, debt repayment plan or acquisition.

Conclusion

Mihika Industries has fixed terms for a rights issue that could add 9 crore partly paid-up shares at Rs 10 each to its existing 1 crore-share base. The central condition is full subscription and payment of call monies, because only on that basis does the company state a post-issue total of 10 crore outstanding equity shares and an issue size of Rs 90 crore.

The next disclosed event is the November 6, 2026 record date, followed by Mihika Industries' Letter of Offer filing. That document is intended to provide other terms, including fractional entitlements, and may clarify the payment structure for partly paid-up shares and the timetable for applications and call monies.