Motherson Sumi Systems Ltd arm raises Euro 500 million

Samvardhana Motherson Automotive Systems Group B.V., Netherlands (SMRP, BV), Motherson Sumi Systems Ltd's subsidiary and joint venture with Samvardhana Motherson International Limited for Samvardhana Motherson Reflectec (SMR) and Samvardhana Motherson Peguform (SMP) has announced the closing of its offering of €500,000,000 aggregate principal amount of new 4 1/8% Senior Secured Notes due 2021 (the "Senior Secured Notes").

The net proceeds from the issuance and sale of the Senior Secured Notes will be used, in combination with borrowings under new revolving credit facilities and certain factoring agreements, to prepay in full and cancel (i) certain existing third party indebtedness, (ii) certain finance leases and (iii) certain shareholder loans, with any remaining proceeds to be used for the payment of accrued interest on indebtedness to be prepaid and for general corporate purposes, including to make certain capital expenditures.

Shares of MOTHERSON SUMI SYSTEMS LTD. was last trading in BSE at Rs.359.55 as compared to the previous close of Rs. 349.35. The total number of shares traded during the day was 127933 in over 6432 trades.

The stock hit an intraday high of Rs. 365.55 and intraday low of 351.75. The net turnover during the day was Rs. 45856178.

Source : Equity Bulls

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