Motherson Sumi Outlines Rs 3,500 Crore Fund Raising Proposal

Shares of Motherson Sumi Systems Ltd. rose as much as 2.46 percent to Rs 337.4 in early trade after the company said it would seek shareholders’ nod to raise up to Rs 3,500 crore, as part of its efforts to boost long term resources.

The company will seek approval for the allotment of up to 1.78 crore equity shares or an issue of foreign currency convertible bonds worth Rs 562.5 crore to Sumitomo Wiring Systems Japan, Motherson Sumi said in its press release. The company will also seek approval to raise Rs 3,000 crore via qualified institutional placement.

The company will seek an enabling resolution from shareholders in the annual general meeting on August 31.