Samvardhana Motherson share price surges 7% on QIP update; check details
Source: Business Standard
At around 1:42 PM, shares of Samvardhana Motherson were up 4.61 per cent at Rs 204.1 per share. In comparison, the BSE Sensex traded 299.47 points lower at 82,780.19, around the same time.
The aggregate face value of the CCDs, Samvardhana Motherson said, are proposed to be converted into equity shares at a discount of 13.83 per cent to the conversion volume weighted average price (VWAP).
“For the purpose of the above, conversion VWAP shall be calculated as seven trading days volume weighted average price of Equity Shares of our Company traded on the NSE, preceding the first date after the end of quarter, prior to Conversion Notice or Maturity Date for compulsory conversion of the balance CCDs held; whichever is earlier,” the company said in an exchange filing.
Adding: “The Floor Price of Equity Shares being Rs 188.85 subject to discount of up to 5 per cent, as may be decided by the Board of Directors of a duly authorized committee of the Board.”
Samvardhana Motherson Q1FY25 results
Auto components major Samvardhana Motherson International Ltd on Tuesday reported a 69.3 per cent jump in consolidated net profit at Rs 1,097.18 crore in the first quarter ended June 30, 2024, against Rs 648.12 crore a year ago.
The company’s total revenue from operations in the quarter under review stood at Rs 28,867.96 crore as compared to Rs 22,462.18 crore in the year-ago period, it added.
Its total expenses in the first quarter were higher at Rs 27,601.7 crore as compared to Rs 21,629.09 crore in the same period a year ago, the company said.
“The company has delivered robust quarterly performance despite flat industry volumes,” Motherson Chairman Vivek Chaand Sehgal said.
He further said all announced acquisitions have been successfully integrated and have started to contribute positively and their full potential will be realised in the coming months.
In the past one year, Samvardhana Motherson shares have gained 96.7 against BSE Sensex’s rise of 23 per cent.
First Published: Sep 18 2024 | 2:38 PM IST
