Motherson Sumi up 15% on in-principle nod for fund raising; biz update

The company announced it was well-positioned on liquidity, with an 11-quarter low debt and adequate liquidity as well as a focus on generating further cash.

Shares of Motherson Sumi Systems (MSS) were up 15 per cent to Rs 72.60 on the BSE on Wednesday after the company’s board gave in-principle approval to raise Rs 1,000 crore to enhance liquidity during the uncertain times of coronavirus pandemic (Covid-19).

"The company is well-positioned on liquidity, with an 11-quarter low debt and adequate liquidity as well as a focus on generating further cash. It expects the current crisis to introduce M&A opportunities, and key customers are already pointing it in the direction of certain troubled companies," it said in a business update on Covid-19 impact.

The