Phoenix Lamps hits 52-week high after Motilal Oswal AMC buys stake


Lenders order special audit of Amtek books

  Auto component maker Motherson Sumi Systems today said its subsidiary Samvardhana Motherson Automotive Systems Group will raise $300 million (around Rs 2,000 crore) through issue of notes due in December 2021 to repay debt and general corporate purposes.


"Our subsidiary, Samvardhana Motherson Automotive Systems Group B V has announced the pricing of its $300 million 5.5-year non-call 3 year senior secured Notes offering at 4.875% per annum, due December 2021," Motherson Sumi Systems Ltd said in a BSE filing.

It further said: "This is the third successful issue of Notes by the company and marks its successful debut in the US dollar bond markets."

Motherson Sumi said the proceeds from the issuance and sale of the 2016 Notes will be used to repay existing third party indebtedness and for general corporate purposes, including to make certain capital expenditures.

The offering is scheduled to close on June 16, 2016.

ANZ, DBS Bank, Deutsche Bank and HSBC acted as Joint Global Coordinators and ANZ, DBS Bank, Deutsche Bank, HSBC, Barclays and Standard Chartered Bank acted as Joint Bookrunners and Joint Lead Managers to the offering, the company said.

Motherson Sumi shares were trading 1.05% lower at Rs 286.90 on BSE.