Samvardhana Motherson Worldwide Ltd. (SAMIL) stated it had concluded its capital increase of ₹6,438 crore via Certified Institutional Placement (QIP).
These embody issuance of fairness to the tune of ₹4,938 crore and Compulsorily Convertible Debentures (CCDs) of ₹1,500 crore.
The transaction subscription was carried out at a share value of ₹190 per share whereas the ground value as per SEBI ICDR laws was ₹188.85 per share.
“The proceeds from the issuance might be primarily directed in direction of debt reimbursement, thereby additional strengthening SAMIL’s steadiness sheet and enhancing its place to capitalize on numerous development alternatives. A number of the proceeds might be used in direction of normal company functions,” the corporate stated in an announcement.
Laksh Vaaman Sehgal, Director, SAMIL stated, “This transaction reinforces buyers’ confidence in our sturdy enterprise mannequin based mostly on our long-term relationships with international OEMs.”
“The success of this transaction is a sworn statement to buyers’ perception in our strategic route and our execution capabilities, that are based mostly on prudent monetary insurance policies whereas delivering sustained development and enhanced shareholder worth,” he added.
Printed – September 23, 2024 09:56 pm IST
