Samvardhana Motherson International Ltd, a reputable auto components manufacturer, said on Friday that it has raised USD 350 million which comes 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. With a peak order book in excess of $2.2 billion, the issue was oversubscribed six times..
"The fund raised by way of issuance of notes marks return of the Motherson Group after 8 years to the USD bond market and first-ever with a dual investment grade rating from two reputed international credit rating agencies - Moody's and Fitch," stated SAMIL.
The issuance is debt neutral, wherein, the same will be utilized to repay existing debt. It also added that the notes will be listed on the Frankfurt Stock Exchange.
"The success of this transaction is a testament to the Motherson Group's adherence to its prudent financial policies, underscored by recent rating upgrades by various international rating agencies," highlighted Motherson Group Vice Chairman Laksh Vaaman Sehgal.
