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success of this transaction is a testament to the Motherson Group’s adherence to its prudent financial policies: Motherson Group Vice Chairman Laksh Vaaman Sehgal | Representative Image
Auto components maker Samvardhana Motherson International Ltd on Friday said it has raised $350 million (around Rs 2,920 crore) through the issuance of notes.
The notes were issued by the step-down subsidiary, SMRC Automotive Holdings Netherlands BV (SAHN BV) backed by a corporate guarantee from Samvardhana Motherson International Ltd (SAMIL), the company said in a statement.
The issue was oversubscribed six times with a peak order book in excess of $2.2 billion, it added.
“The fund raised by way of issuance of notes marks return of the Motherson Group after 8 years to USD bond market and first-ever with a dual investment grade rating from two reputed international credit rating agencies — Moody’s and Fitch,” SAMIL said.
The issuance is debt neutral as proceeds from the same will be utilised to repay existing debt. The notes shall be listed on the Frankfurt Stock Exchange, it added.
Samvardhan Motherson International Ltd (SAMIL) is an Indian multinational manufacturer of automotive components, based in Noida.
First Published: Jul 05 2024 | 5:08 PM IST