Samvardhana Motherson share price traded volatile: Sets QIP floor price at a 2.5% discount to previous day closing price

Stock Market Today: Samvardhana Motherson International Ltd share price fell 2-3% in the intraday trades on Tuesday. The Samvardhana Motherson International share price opened at ₹196.00 on the BSE, higher than the previous close of ₹193.75. However the Samvardhana Motherson International share price dipped to ₹189.65 marking 2-3% decline over the previous closing price. The Samvardhana Motherson International share prices however traded volatile and recovered to intraday highs of ₹196.90.

Samvardhana Motherson International Limited in its release post market hours on Monday informed the exchange regarding Qualified Institutional Placement.

The Samvardhana Motherson International in its release said that in accordance with the approval accorded by the Board of Directors of the Company, at its meeting held on August 2, 2024 and also by the shareholders of the Company, pursuant to the special resolution passed at the 37th Annual General Meeting held on August 29, 2024, the Finance Committee has, at its meeting held on 16 September, 2024 has also authorized the opening of the Issue today (i.e. September 16, 2024)

Accordingly the floor price for the Issue (Qualified Institutional Placemen), had vbeen aprooved at ₹ 188.85 per Equity Share, based on the pricing formula as prescribed under the SEBI ICDR Regulations

The established floor price for the QIP at ₹188.85 per share, was 2.5% lower than its previous close on BSE at ₹193.75.

The Equity Issue price will be determined by the Company in consultation with the book running lead managers appointed for the Issue, as per the Release.

The Samvadhan Motherson share price has however risen more than 90% in last one year and more than doubled from ₹82.80 levels two years back thereby giving Multibagger returns to the investors

With its headquarters in Noida, Samvardhana Motherson International Ltd. is an international Indian manufacturer of automobile components. It produces plastic parts, wire harnesses, and rearview mirrors for passenger cars. The business was founded in 1986 as a joint venture with the Japanese Sumitomo Group.

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