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.
SSL, inMcluding 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.
First Published: Apr 16, 2020 11:40 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections 2024: 28% of candidates contesting in fourth phase are 'crorepatis'
May 9, 2024 4:29 PM
Free poha-jalebi to movie ticket discounts: How cities struggling with 'urban apathy' are luring voters to polling booths
May 9, 2024 3:17 PM