Motherson Sumi drops fund raising plans, shares flat

Motherson Sumi Systems shares were flat in trade on Tuesday despite the company not taking its fund raising plan forward.

The company dropped the resolutions of preferential issue and QIP before an extraordinary general body meeting (EGM) on Monday.

An extra-ordinary general meeting of the shareholders was convened to seek approval for preferential allotment of shares to Sumitomo Wiring Systems Limited, a promoter of the company up to 14,698,656 equity shares and issue of shares to qualified institutional buyer through Qualified Institutions Placement up to 44,095,968 equity shares.

At 12:09 hours IST, shares fell just 0.02 percent to Rs 205.50 on Bombay Stock Exchange.

Shares had rallied more than 8 percent since the announcement of fund raising plans.

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