Auto component maker Motherson Sumi Systems 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 (NCDs), with an aggregate amount up to Rs 500 crore on a private placement basis in one or more tranches, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.
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.