The said funds raised via NCDs are part of the company’s plan to raise ₹1,000 crore to secure liquidity through the covid-19 crisis for its operations, Laksh Vaaman Sehgal, vice chairman, Motherson Group and director at MSSL clarified In a meeting held earlier today, the board of directors at Motherson Sumi Systems Ltd (MSSL) has approved the issuance of listed, secured, redeemable, non-convertible debentures (NCDs) with an aggregate amount up to ₹500 crore on a private placement basis, the company said in a regulatory filing today.
The leading automotive component supplier said that it would issue up to 5000 NCDs with a face value of ₹10,00,000 each in one of more tranches.