Motherson Sumi gets nod to raise up to Rs 3,000 cr through NCD issue

The move comes as the company is trying to stay afloat amid the Covid-19 disruptions the auto component sector has faced due to multiple lockdowns in the past few months

Motherson Sumi, a leading automotive component maker, on Tuesday announced that its board had approved raising funds in the range of Rs 1,500 cr to Rs 3,000 cr through the issuance of non-convertible debentures (NCDs) on private placement basis.

The move comes at a time when the company is trying to stay afloat amid the Covid-19-led disruptions faced by the auto component sector.

The tenure of the instrument is set for three years from the deemed date of the allotment.

"The Committee of Directors of the Board of Directors of the Company in its meeting held today September 8, 2020,