Motherson Sumi Systems hits record high on heavy volumes
The auto parts and equipment makers planning to raise funds by issuing shares to QIBs and promoters on preferential basis.
Motherson Sumi Systems has rallied 4% to Rs 207 in otherwise weak market on back of heavy volumes.
The stock opened at Rs 199 and hit a record high of Rs 210 on BSE. As many as a combined 978,874 shares have already changed hands on the counter till 1056 hours against an average 360,000 shares that were traded daily in past two weeks on BSE and NSE.
The auto parts and equipment maker plans to raise funds by issuing shares to qualified institutional buyers (QIB) and promoters on preferential basis.
Last month, the board of directors of the company approved qualified institutional placement (QIP) of upto 44 million shares (7.5% of existing equity shares). The board also approved preferential allotment of shares upto 14.7 million (2.5% of existing equity shares) shares to promoter Sumitomo Wiring Systems Limited.
The company has called an Extra-ordinary General Meeting (EGM) in next week (on March 18, 2013) to take shareholders approval for the above said issues.
The stock opened at Rs 199 and hit a record high of Rs 210 on BSE. As many as a combined 978,874 shares have already changed hands on the counter till 1056 hours against an average 360,000 shares that were traded daily in past two weeks on BSE and NSE.
The auto parts and equipment maker plans to raise funds by issuing shares to qualified institutional buyers (QIB) and promoters on preferential basis.
Last month, the board of directors of the company approved qualified institutional placement (QIP) of upto 44 million shares (7.5% of existing equity shares). The board also approved preferential allotment of shares upto 14.7 million (2.5% of existing equity shares) shares to promoter Sumitomo Wiring Systems Limited.
The company has called an Extra-ordinary General Meeting (EGM) in next week (on March 18, 2013) to take shareholders approval for the above said issues.