Motherson Sumi upsizes NCD issue to Rs 2,130 cr on overwhelming demand

Auto component major Motherson Sumi Systems on Friday announced the successful pricing of its maiden unsecured three-year non-convertible debenture (NCD) issue.

The original issue size was Rs. 1,500 crore, which was upsized to Rs 2,130 crore (using green shoe option) owing to overwhelming investor demand. Overall 24 investors, including  23 qualified institutional buyers (QIBs), have invested in the NCDs.

The issue was the joint widest distributed debt issuance by an Indian private sector corporate in the current fiscal, the company claimed.

The proceeds from the issue will be used to pre-pay debt, which will help strengthen the balance sheet and