The stock witnessed spurt in volume by more than 1.09 times and was trading with volumes of 1,060,395 shares, compared to its five day average of 970,439 shares, an increase of 9.27 percent.
Share price of Motherson Sumi Systems jumped over 15 percent intraday on April 15 on fundraising plans.
The board of auto components major has given in-principle approval to raise Rs 1,000 crore to enhance liquidity during uncertain times of coronavirus pandemic, according to a company statement.
The firm, which has plants in India, Europe and Americas that are currently temporarily closed, said it has received positive reopening dates for the vast majority of the plants by end of April/early May.
However, the situation being dynamic there could be further delays in reopening plants in case the local governments extend lockdowns, of which there are no current clear indications, the company said in a statement.
"To further enhance liquidity in these uncertain times, the board of directors has accorded in-principle approval to raise up to Rs 10 billion and delegated its committee of directors to evaluate and decide on various borrowing proposals," the statement said.
Motherson Sumi Chairman Vivek Chaand said, "Our team has done a phenomenal job in almost doubling MSSL's turnover over the last five years to USD 9.6 billion on an unaudited basis.”
The stock witnessed a spurt in volume by more than 1.09 times and was trading with volumes of 1,060,395 shares, compared to its five day average of 970,439 shares, an increase of 9.27 percent.
It was quoting at Rs 72.85, up Rs 9.70, or 15.36 percent and has touched an intraday high of Rs 74.70 and an intraday low of Rs 64.50.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
