Motherson Sumi Systems announced that the board is seeking shareholders approval to raise over Rs. 3,500 crore to enhance long term resources.
“The board decided with an objective to enhance long term resources to support the growth potential and to have the ability to raise capital at an appropriate time that an enabling resolution would be sought from shareholders in the ensuing AGM to be held on August 31,” the company said.
The company will seek the resolution for preferential allotment of up to 17.80 million equity shares of issues of FCCB of an amount of upto Rs 562.5 crore to Sumitomo Wiring System, Japan.
Further the resolution seeks to raise an amount up to Rs 3,000 crore via qualified institutional placement.