New Delhi: Car element main Motherson Sumi on Thursday announced its plans to increase Rs 500 crore by way of issuance of non-convertible debentures (NCDs).
“The Board of Administrators of the Company in its conference held nowadays April sixteen, 2020, has accepted the issuance of Detailed, Secured, Redeemable, Non-convertible Debentures (NCDs), with an mixture volume up to Rs 500 crore, on a personal placement basis, in a single or much more tranches to particular suitable buyers permitted to devote in the NCDs underneath applicable guidelines,” Motherson Sumi Units Ltd (MSSL) claimed in a regulatory submitting.
Prior to this, the auto factors supplier on Tuesday announced that its board of directors has provided approval to increase up to Rs 1,000 crore to secure liquidity when dealing with the world coronavirus pandemic.
“To more increase liquidity in these uncertain times, the Board of Administrators has accorded in-basic principle approval to increase up to Rs 10 bn (Rs 1,000 crore) and delegated its Committee of Administrators to consider and make a decision on different borrowing proposals. We are also proactively doing work to leverage on different governing administration support schemes to increase liquidity,” the company claimed in a assertion on April thirteen.
MSSL, together with its subsidiaries and joint ventures, is a single of the main specialized brands of wiring harness, large rigidity cords, wire, plastic factors, rubber factors, cockpit assembly, scuff plates, thermo-fashioned products and solutions, mould for wiring harness factors and mould parts for passenger cars and trucks.
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