Mihika Industries Sets ₹90 Crore Rights Issue at ₹10 per Share

Mihika Industries Ltd has fixed the terms of a ₹90 crore rights issue at ₹10 per partly paid-up equity share, with eligible shareholders receiving nine rights shares for every one fully paid-up share held on November 6, 2026. The subscription window runs from November 19 to December 4, 2026.

What has Mihika Industries approved for the rights issue?

Mihika Industries has approved an issue of up to 9,00,00,000 partly paid-up equity shares with a face value of ₹10 each. The issue price is ₹10 per share, with no premium, taking the maximum fundraising amount to ₹90 crore.

The terms were approved by the Rights Issue Committee of the Board of Directors at its meeting on November 2, 2026. The company had initially disclosed its fundraising proposal under Regulation 30 of the Listing Obligations and Disclosure Requirements Regulations on July 17, 2026. It later informed the market on October 28 that the committee would meet to finalise the commercial terms.

The committee also approved the filing of the Letter of Offer with the Securities and Exchange Board of India and BSE Limited. The rights issue is stated to be structured under the Companies Act, 2013, SEBI's Issue of Capital and Disclosure Requirements Regulations, 2018, and other applicable requirements.

Who is eligible for Mihika Industries rights shares?

Shareholders holding fully paid-up equity shares of Mihika Industries on the record date of November 6, 2026 are eligible to receive rights entitlements. The entitlement ratio is nine rights equity shares for every one fully paid-up equity share held on that date.

Rights entitlements are scheduled to be credited to eligible shareholders' demat accounts by November 9, 2026. The disclosed timeline also permits eligible shareholders to renounce their entitlements through on-market transfer until December 1, 2026.

The 9:1 ratio is substantial relative to the existing equity base. Assuming full subscription and payment of all call money, the company's outstanding equity shares are expected to rise from 1,00,00,000 shares to 10,00,00,000 shares. A shareholder who does not participate or transfer the entitlement would hold the same number of shares, but a smaller proportion of the enlarged equity base.

How will shareholders pay for the Mihika Industries rights issue?

Mihika Industries has set a staggered payment plan under which shareholders must pay ₹2.50 per rights share at the time of application. The remaining ₹7.50 per share will be collected through three calls of ₹2.50 each during January to April 2027.

The first call is scheduled from January 11 to January 21, 2027. The second call is scheduled from February 19 to March 2, 2027, while the third and final call is scheduled from April 1 to April 12, 2027. Each payment represents face value, and the disclosures specify that no premium is payable.

The partly paid-up structure means that the ₹10 issue price is not due in a single payment. Investors considering an application need to account for the application amount and the three announced call-payment windows. The company has disclosed the schedule, but the provided information does not specify the intended use of the funds.

Why does the rights issue structure matter to existing shareholders?

The structure matters because the offer gives existing shareholders a defined opportunity to maintain their proportionate ownership by subscribing to their full entitlement. Since the entitlement is nine new shares for every one share held, full participation would require shareholders to consider the total ₹10 payable on each rights share across the application and call stages.

The full issue, if subscribed and fully paid, would increase Mihika Industries' equity share count tenfold. This change is relevant to investors assessing ownership percentages and the number of shares outstanding after the capital raise. The company's disclosures describe the expected increase in shares but do not provide earnings, valuation or fund-utilisation projections linked to the enlarged equity base.

Rights issues are a recognised route for listed companies to raise equity capital from existing shareholders. The record date, entitlement ratio, issue price and payment conditions are key terms because they determine eligibility, the number of shares offered and the cash commitment attached to participation.

What are the key dates for the Mihika Industries rights issue?

The key date for eligibility is November 6, 2026, which Mihika Industries has fixed as the record date. The rights issue opens on November 19, 2026 and closes on December 4, 2026, providing the subscription period for eligible investors.

The company had announced the committee meeting on October 28, 2026, and the committee finalised the terms on November 2, 2026. Newspaper advertisements relating to the issue terms appeared in The Echo of India and Arthik Lipi on August 12, 2026, according to the available disclosures.

For market participants, the central disclosed milestones are the entitlement credit by November 9, the subscription period, the December 1 deadline for on-market renunciation and the three call-payment periods in 2027. These dates set out the operational sequence for the issue rather than indicating the level of eventual participation.

Conclusion

Mihika Industries has established the commercial terms for a maximum ₹90 crore rights issue, offering 9,00,00,000 partly paid-up shares at ₹10 each in a 9:1 ratio. The transaction would expand the company's equity share count from 1,00,00,000 to 10,00,00,000 shares if fully subscribed and all call money is paid.

The next disclosed milestones are the November 6, 2026 record date, the November 19 to December 4 subscription period and the subsequent call-payment windows between January and April 2027. Investors will also watch for the Letter of Offer filings with SEBI and BSE Limited and any further company disclosures on the issue process.