Bus factors major Motherson Sumi Systems Ltd on Monday said its board has approved caregiving of over to Rs crore through the allocation ofnon-convertible debentures (NCDs) on a private placement base.
The company’s board of directors in its meeting held on Monday approved the allocation of rated, listed, relaxed, repairable NCDs of a face value of Rs 10 lakh each, Motherson Sumi Systems Ltd said in a nonsupervisory form.
These will be issued on a private placement base, in one or further series/ tranches to certain eligible investors and are proposed to be listed on the BSE, it said.
The company further said the term of the NCDs and the dates of allotment and maturity, interest offered, and schedule of prepayment will be decided by a commission of directors or the delegated authorised persons.
It also didn’t unfold on where the fund to be raised is proposed to be utilised.
Lately, the company has been active with accessions.
Last month, it had acquired a maturity stake in Bengaluru- grounded CIM Tools Pvt Ltd, one of the leading suppliers in the aerospace force chain at an enterprise value of Rs400.5 crore.

Also, group establishment Samvardhana Motherson Reflectec (SMR) had also acquired a maturity stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co Ltd, which is engaged in the manufacturing of automotive glasses for passenger vehicles, pick-up exchanges, and light and heavy marketable vehicles in China.