The country’s leading automotive component manufacturer – Motherson Sumi Sysytems Ltd, on Tuesday i.e. 8th September announced raising funds via. issuance of non-convertible debentures in ₹1500- ₹3000 crore range. With businesses affected due to COVID-19 related disruptions, automobile manufacturers and component suppliers have been raising money through debt to stay afloat during the crisis.
The company said in a regulatory filing, “The Committee of Directors (Fund Raising) of the Board of Directors of the company in its meeting held today September 8, 2020, has approved the issuance of Rated, Un-Secured, Listed, Redeemable Non-Convertible Debentures (NCDs), with an aggregate amount up to ₹1500 crore which may be increased up to ₹3000 crore.”
The VC Sehgal-led company in April, had decided to raise ₹1000 crore following liquidity issues as manufacturing operations were shut due to lockdowns across the globe.