Motherson Sumi slips 9% after board approves group restructuring plan

Promoter entity SAMIL would be merged into MSSL

Shares of Motherson Sumi Systems Limited (MSSL) slipped 9 per cent to Rs 94.30 on the BSE on Friday after the company said its board has approved a major restructuring exercise, under which the domestic wiring business (DWH) would be demerged into a new firm, which will eventually be listed. For every share held in MSSL, one share would be allotted in the new firm.

Moreover, the promoter entity Samvardhana Motherson International Limited (SAMIL) would be merged into MSSL, consolidating the group's automotive interests under the listed entity. For every 10 shares held in SAMIL (with face value of