Motherson Sumi Systems announced the successful pricing of its 3 year-NCD issue. The original issue size was Rs. 1,500 crores which was upsized to Rs. 2,130 crore, using greenshoe option.
The coupon size is 6.65% and the NCD issue was assigned a rating of AAA (negative) by India Ratings. The proceeds from this NCD will be used to pre-pay the debt, which will help strengthen the balance sheet and reduce interest cost.
Subsequent to successful pay-in by investors, the Company will allot NCDs on 14 September 2020 (i.e. Deemed Date of Allotment).
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