19 September 2016
JM Financial Successfully Closes $300 Million Motherson Sumi QIP
On 13 September, 2016, JM Financial successfully closed the Rs. 1,993
crore/$300 MM Qualified Institutional Placement for Motherson Sumi Systems
Limited (MSSL). JM Financial acted as the Left Lead Book Running Lead
Manager on the transaction. The QIP was oversubscribed by 1.6x with interest
from marquee long only investors which accounted for 80% of the book.
JM Financial played a vital role in the designing of marketing strategy for the
QIP including guiding the management on deal contours & timing.
As left lead, JM helped complete the documentation in record time, given
the company’s significant international operations and complex financial
disclosures due to recent change over from Indian GAAP to IND AS.
The deal saw a healthy participation from both FIIs and DIIs, each accounting
for 50% of the book. Motherson Sumi Systems Limited intends to use the funds
for meeting general corporate purposes and for achieving the objectives of
the ‘Vision 2020’.