Motherson Sumi moves up on getting nod for scheme of arrangement

27 Sep 2011 Evaluate

Motherson Sumi Systems is currently trading at Rs 183.05, up by 0.35 points or 0.19% from its previous closing of Rs 182.70 on the BSE.

The scrip opened at Rs 187.20 and has touched a high and low of Rs 187.20 and Rs 182.50 respectively. So far 1925 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 256.00 on 13-Jul-2011 and a 52 week low of Rs 163.10 on 10-Feb-2011.

Last one week high and low of the scrip stood at Rs 190.50 and Rs 172.75 respectively. The current market cap of the company is Rs 7080.43 crore.

The promoters holding in the company stood at 65.20% while Institutions and Non-Institutions held 20.50% and 14.31% respectively. 

Motherson Sumi Systems has received an approval from High Court of Delhi for proposed scheme of arrangement whereby the court has approved the applications (First Motion) in respect of the merger of MSSL Global Wiring (MGWL) and India Nails Manufacturing (India Nails) with Motherson Sumi Systems (MSSL) both being wholly owned subsidiary of MSSL and Sumi Motherson Innovative Engineering (SMIEL), with Motherson Sumi Systems.

With respect of merger of MGWL and India Nails with MSSL, the High Court of Delhi vide its order dated August 24, 2011 has passed an order and dispensed with the meetings of shareholder, secured and unsecured creditors of the company.

In respect of merger of SMIEL with MSSL, the High Court of Delhi has directed MSSL to get the approval from its shareholders, secured creditors and un-secured creditors. These meetings are scheduled to be held on October 15, 2011 at New Delhi under the supervision of the Court.

Motherson Sumi Systems is engaged in manufacturing a range of products from single circuit lead wire to complex cabin harnesses and from small harnesses to harnesses for large cranes and elevators. MSSL also supplies wiring harnesses to material handling, earth moving and farm equipment, white goods and electronics, elevators, office automation and medical equipment industries. MSSL is the largest manufacturer of wiring harnesses in India.

SamvardhanaMotherson Share Price

165.15 3.30 (2.04%)
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