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| Exchange Disseminated Time 03/08/2016 18:12:15 | Motherson Sumi Systems Ltd has informed BSE that at the meeting of the Board of Directors of the Company held on August 03, 2016, proposals were considered to evaluate the various fund raising options including capital issuance. The Board decided, with an objective to enhance long term resources to support the growth potential and to have the ability to raise capital at an appropriate time, that an enabling resolution(s) would be sought from shareholders in the ensuing AGM to be held on August 31, 2016 for:
1. Preferential allotment of upto 17.80 million equity shares or Issue of FCCB of an amount upto Rs. 5625 million to Sumitomo Wiring Systems (SWS), Japan
2. Qualified Institutional Placement for an amount not exceeding Rs. 30,000 millions
This is a step towards gearing up for growth in line with the Vision 2020 announced by the company. MSSL has set the target of becoming a USD 18 Billion company by 2020.
The company has grown with a CAGR of over 40% in the last 10 years. Having good traction from the global customers and a strong order book the company is on a growth trajectory. The company has over 145 manufacturing facilities. To meet the global customer demand, 17 plants are in different stages of completion across the globe under different business verticals.
The company has funded entire growth largely through internal accruals. The company has diluted only once in 2005-06 by way of Issue of FCCB of Euro 50.3 million, since its maiden IPO in 1993.
With Focus on value creation for all its stakeholders, the company has consistently paid healthy dividends in line with the stated policy of 40% Payout Ratio. In addition, MSSL has declared 7 bonus issues of which 5 bonus issues have been declared in the past 10 years. |
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