Samvardhana Motherson International Ltd.

Motherson Sumi Systems has decided to raise funds by issuing equity shares to qualified institutional buyers (QIB) and promoters of the company on preferential basis. Towards this, the company’s board of directors, in its meeting held on February 12, 2013, approved to issue equity shares up to the extent of 44 million to QIBs via qualified institutions placement, translating into 7.5% of existing equity shares.

Further, the board has also approved allotment of up to 14.69 million shares representing 2.5% of existing equity shares to Sumitomo Wiring Systems, a promoter of the company on preferential basis. However, this would be subject to final approval from shareholder’s, the meeting of which would be held on March 18, 2013.

Motherson Sumi  on consolidated basis, posted net profit of Rs 103.02 crore for the quarter as compared to a net loss of Rs 24.72 crore for the same quarter in the previous year. Total income of the company increased by 73.47% at Rs 6,662.59 crore for quarter under review as compared to Rs 3,840.80 crore for the quarter ended December 31, 2011.