Samvardhana Motherson International Ltd. (SAMIL) said it had concluded its capital raise of ₹6,438 crore through Qualified Institutional Placement (QIP).
These include issuance of equity to the tune of ₹4,938 crore and Compulsorily Convertible Debentures (CCDs) of ₹1,500 crore.
The transaction subscription was done at a share price of ₹190 per share while the floor price as per SEBI ICDR regulations was ₹188.85 per share.
“The proceeds from the issuance will be mainly directed towards debt repayment, thereby further strengthening SAMIL’s balance sheet and enhancing its position to capitalize on various growth opportunities. Some of the proceeds will be used towards general corporate purposes,” the company said in a statement.
Laksh Vaaman Sehgal, Director, SAMIL said, “This transaction reinforces investors’ confidence in our robust business model based on our long-term relationships with global OEMs.”
“The success of this transaction is a testimony to investors’ belief in our strategic direction and our execution capabilities, which are based on prudent financial policies while delivering sustained growth and enhanced shareholder value,” he added.
Published – September 23, 2024 09:56 pm IST
