Auto component maker Samvardhana Motherson raises Rs 6,438 crore via QIP

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Auto component maker Samvardhana Motherson raises Rs 6,438 crore via QIP - Business Standard

Quick Summary:

The QIP issue garnered strong interest from both domestic and foreign institutional investors, leading to substantial demand over the issue size, it said in a regulatory filing.

Over 95 per cent of allocations were made to marquee long-only investors such as mutual funds, insurance and pension funds, foreign institutional investor, it added.

The proceeds from the issuance will be mainly directed towards debt repayment, thereby further strengthening company's balance sheet and enhancing its position to capitalise on various growth opportunities, it stated.