Auto components maker Samvardhana Motherson raises Rs 6,438 crore through QIP
Auto components maker Samvardhana Motherson International on Monday said it has raised Rs 6,438 crore through issuance of securities.
The QIP issuance attracted strong interest from both domestic and foreign institutional investors, leading to significant demand for the size of the issuance, a regulatory filing said.
More than 95 percent of the allocations were made to leading investors who invest only for the long term, such as mutual funds, insurance and pension funds and foreign institutional investors, it added.
The proceeds from the issuance will be used primarily to repay debt, further strengthening the company’s balance sheet and positioning it to take advantage of various growth opportunities, the company said.
A portion of the proceeds will be used for general corporate purposes, the company said.
The company’s shares closed 2.19 per cent higher at Rs 207.25 apiece on BSE on Monday.
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First publication: Sep 23, 2024 | 8:54 PM IST