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Samvardhana Motherson Plans Up to INR50 Billion Debt Offering

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Samvardhana Motherson International (NSE:MOTHERSON, BOM:517334) received in-principle board approval to raise up to 50 billion Indian rupees through the issue of debentures on a private placement basis, according to a Wednesday filing to the Indian stock exchanges.

The auto components manufacturer plans to issue 500,000 non-convertible debentures with a face value of 100,000 rupees each in one or more tranches.

The debt securities will be listed on the BSE or the National Stock Exchange of India.

The company's shares were up nearly 2% in recent trade.

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