Motherson Sumi Systems demerger: Motherson Sumi wiring shares gain 5% after listing at Rs 66 on BSE

Shares of Motherson Sumi wiring were listed on the stock exchanges after demerging with Motherson Sumi Systems Ltd on Monday. Shares of the demerged entity were listed at Rs 66 per share on the BSE and Rs 65 apiece on the NSE.  

"Trading Members of the Exchange are hereby informed that effective from Monday, March 28, 2022, the equity shares of Motherson Sumi Wiring India Limited shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities. The scrip will be in Trade-for-Trade segment for 10 trading days," read a regulatory filing from Motherson Sumi Systems Ltd. 

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Members are requested to note that the above security will be a part of a special pre-open session for IPO, it said. 

The scrip surged as much as 5% to hit 52-week high of Rs 69.30 a share on the BSE soon after listing.  

Meanwhile, shares of Motherson Sumi Systems were trading flat with negative bias at Rs 134.65 a share around 11.55am on Monday.  

Earlier, Motherson Sumi has announced demerger and created new entity called Motherson Sumi Wiring India Limited from the existing Motherson Sumi Systems Limited. It will be listed on the exchanges on March 28.   

In the demerger, existing shareholders of Motherson Sumi Systems Limited will receive 1 equity share of Rs. 1 /-(Face value) each of Motherson Sumi Wiring India Limited for holding 1 equity shares of Rs.1/- (Face value) share of each Motherson Sumi Systems Limited  

Separate listing of both the automotive and domestic wiring harness businesses is aimed in simplifying the corporate holding structure.