Auto components maker Samvardhan Motherson International on Monday said it has raised Rs. 6,438 crore has been collected. The QIP issue attracted strong interest from domestic and foreign institutional investors, leading to significant demand on the issue size, it said in a regulatory filing.
More than 95 percent of the allocation was made to long-only investors like mutual funds, insurance and pension funds, foreign institutional investors.
The proceeds from the issue will be directed primarily towards debt repayment, thereby strengthening the company’s balance sheet and enhancing its position to capitalize on various growth opportunities, it said.
Some of the proceeds will be used for general corporate purposes, the company said.
On Monday, the company’s shares rose 2.19 percent on the BSE to Rs. closed at 207.25.
(You can now subscribe to our ETMarkets WhatsApp channel)
