Motherson Sumi launches up to $300 million share sale

Indian car parts maker and engineering group Motherson Sumi Systems has launched a share sale to institutions worth up to Rs 20 billion (nearly $300 million), it said in a stock exchange filing on Thursday.

Motherson Sumi is selling shares in a price range of Rs 317 to 327.95 a piece, IFR, a Thomson Reuters publication, reported separately.

The offer comprises a base deal worth up to Rs 16.6 billion with an option to increase the offer by Rs 3.3 billion.

ICICI Securities, IDFC, IIFL, JM Financial and UBS are managing the sale, IFR said.

Earlier on Thursday, Yes Bank pulled its up to $1 billion share sale to institutions after its stock fell below the lower end of the sale price range.