Auto component major Motherson Sumi Systems today said it has closed the bid for the 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 per cent (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 a 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 afternoon trade, up 0.80 per cent from the previous close on the BSE.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.