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Motherson Sumi to issue NCDs worth Rs 1,500 crore

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Mumbai: Automotive components maker Motherson Sumi will be issuing non-convertible debentures worth Rs 1,500 crore with a greenshoe option to retain oversubscription up to Rs 3,000 crore.

The company’s board approved the issue of 15,000 NCDs with a face value of Rs 10 lakh each and three-year tenure to be listed on the BSE, as per a regulatory filing on Tuesday. The NCDs were rated IND AAA with a negative outlook by India Ratings and Research.

“The Negative outlook reflects a slower production ramp-up in the global auto volumes, coupled with lower operating leverage and deterioration in the credit profile of end-consumers, which could result in MSSL’s leverage remaining higher than Ind-Ra’s expectations,” a note from India Ratings read.

“Additionally, continued losses at the company’s greenfield plants in Alabama and Hungary could be a drag on the performance, resulting in a higher leverage than the rating triggers.”

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