Motherson Sumi gains; launches up to $300 mn share sale

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Updated: September 9, 2016 12:57:54 PM

Motherson Sumi Systems Ltd rises as much 3.4 pct to 339.15 rupees. Car parts maker and engineering group launched a share sale to institutions worth up to 20 bln rupees ($300 mln).

Motherson Sumi is selling shares in a price range of 317 rupees to 327.95 rupees apiece, reports IFR.Motherson Sumi is selling shares in a price range of 317 rupees to 327.95 rupees apiece, reports IFR.

Motherson Sumi Systems Ltd rises as much 3.4 pct to 339.15 rupees. Car parts maker and engineering group launched a share sale to institutions worth up to 20 bln rupees ($300 mln).

Motherson Sumi is selling shares in a price range of 317 rupees to 327.95 rupees apiece, reports IFR. On Thursday Yes Bank pulled its up to $1 bln qualified institutional placement (QIP) after its stock fell below the lower end of sale price range

Pricing for QIP is fine. Also, there are enough takers for Motherson QIP in the market. So Yes Bank news will not have any impact, says analyst Basudeb Banerjee of Antique Stockbroking

Antique Stockbroking has a “hold” rating on Motherson stock with a 300 rupees price target.

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