Motherson Sumi closes bid for Rs 1,993 cr QIP fund raising

New Delhi: Auto component major Motherson Sumi Systems said it has closed the bid for Rs 1,993.5 crore fund raising through qualified institutional placement after fixing the issue price at Rs 317 per share.

The board of directors in its meeting held on September 13 approved fixing the issue price at Rs 317 per share, including a premium of Rs 316 per share, after giving a discount of 2.79 percent (Rs 9.10) to the floor price of Rs 326.1 per share, Motherson Sumi said in a BSE filing.

The company had fixed September 13 as the closure date of bids.

It further said the board has approved issue of confirmation allocation note for allocation of 6.29 crore equity shares to qualified institutional buyers.

Shares of Motherson Sumi Systems were trading at Rs 316.05 apiece in the afternoon trade, up 0.80 percent from the previous close on the BSE.