Motherson Sumi Systems has upsized its maiden unsecured three-year NCD issue to Rs 2,130 crore. The original issue size was Rs 1,500 crore, which was upsized using the greenshoe option on the back of overwhelming investor demand. Overall, 24 investors (including 23 qualified institutional buyers) have invested in the non-convertible debentures. The proceeds from the issue will be used to pre-pay debt, which will help strengthen the balance sheet and reduce interest cost.
Motherson Sumi Systems, including its subsidiaries and JVs is one of the leading manufacturer of automotive wiring harnesses, mirrors for passenger cars and a leading supplier of plastic components and modules to the automotive industry.
