Samvardhana Motherson raises Rs 6,438 crore via qualified institutional placement

2 hours ago 1

Auto components shaper Samvardhana Motherson International connected Monday said it has raised Rs 6,438 crore via an contented of securities.

The QIP contented garnered beardown involvement from some home and overseas organization investors, starring to important request implicit the contented size, it said successful a regulatory filing.

Over 95 per cent of allocations were made to marquee long-only investors specified arsenic communal funds, security and pension funds, and overseas organization investors, it added.

The proceeds from the issuance volition beryllium chiefly directed towards indebtedness repayment, thereby further strengthening company's equilibrium expanse and enhancing its presumption to capitalise connected assorted maturation opportunities, it stated.

Some of the proceeds volition beryllium utilized towards wide firm purposes, the institution said.

Shares of the institution connected Monday ended 2.19 per cent up astatine Rs 207.25 apiece connected BSE.

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