Autocomp player Samvardhana Motherson raises Rs.6,438-Cr through QIP

Publicly listed, Noida-headquartered auto components maker Samvardhana Motherson International Ltd (SAMIL), which provides solutions to OEMs (Original Equipment Manufacturers) has raised INR 6,438 crore through a qualified institutional placement (QIP) issue.The issue was a combination of equity of INR 4,938 crore and CCDs (compulsorily convertible debentures) of INR 1,500 crore at INR 190 per equity share. The proceeds from will be used for debt repayment and for pursuing growth.Over 95% of the allocations were made to mutual funds, insurance and pension funds, and foreign institutional investors.