Motherson Sumi raises Rs 1,993 crore via QIP issue

Auto component firm Motherson Sumi Systems has announced Rs 1,993.44 crore raising via issuance of 62,884,827 shares to qualified institutional buyers.

The company in a regulatory filing said that qualified institutional placement (QIP) issue opened on September eight and closed on September 13 for receiving applications from investors.

For the QIP, 62,884,827 shares were issued to qualified institutional buyers at an issue price of Rs 317 after giving a discount of 2.79 per cent, it added.

"We have always focused on consistent growth and creating sustainable value for all our stakeholders," said MSSL Chairman, V C Sehgal.

The company has been expanding through three main growth engines organic growth of existing businesses, joint ventures and acquisitions. The company intends to use the net proceeds of the QIP issue for meeting general corporate purposes and achieving the objectives in MSSL's five-year plan 'Vision 2020'.