Samvardhana Motherson Raises Rs 2,438 Crore Via QIP, CCDs
It announced the closure of the QIP pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers
(Source: Company website)
Samvardhana Motherson International Ltd. has successfully raised Rs 2,438 crore through a combination of equity and debt, the company announced on Friday.
Samvardhana raised Rs 4,938 crore through qualified institution placement and Rs 1,500 crore through 6.50% compulsorily convertible debentures, according to an exchange filing.
The auto components and equipment manufacturer approved the allocation of 25.98 crore shares with a face value of Re 1 and the issue price of Rs 190. It also approved the issue of 1.5 lakh CCDs at an issue price of Rs 1 lakh per CCD.
The company announced on Friday the closure of the QIP pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the issue.
Samvardhana's stock closed 1.14% lower at Rs 202.77 per share on the NSE, compared to a 1.48% advance in the benchmark Nifty. The share price has risen 105.54% in the last 12 months and 91.56% on a year-to-date basis.
