Motherson Sumi To Raise Up To Rs 500 Crore Via Issue Of Securities
A customer holds Indian rupee banknotes at a store in Pune, India. (Photographer: Dhiraj Singh/Bloomberg)

Motherson Sumi To Raise Up To Rs 500 Crore Via Issue Of Securities

Bookmark

Auto component maker Motherson Sumi Systems Ltd. on Thursday said its board has approved to raise up to Rs 500 crore through issue of securities.

The company, however, did not disclose the reasons for raising the capital.

The committee of directors (administrative matters) of the company's board in its meeting held on April 16, has approved the issuance of listed, secured, redeemable, Non-Convertible Debentures, with an aggregate amount up to Rs 500 crore on a private placement basis in one or more tranches, Motherson Sumi Systems said in a regulatory filing.

Also read: Motherson Sumi Board Gives Nod To Raise Rs 1,000 Crore To Enhance Liquidity

MSSL, including its subsidiaries and joint ventures, is one of the leading manufacturers of automotive wiring harnesses, mirrors for passenger cars.

It is also a supplier of plastic components and modules to the automotive industry.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.