The Board of Samvardhan Motherson International Limited (formerly Motherson Sumi Systems Limited) will meet today to consider the proposal for Bonus Equity Shares of the Company. Bonus shares are fully paid-up additional shares issued by a company to its existing shareholders.
“We would like to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, August 16, 2022, to consider, inter alia, the proposal for issuance of bonus share To the equity shareholders of the company,” the auto component major had informed last week in an exchange filing dated August 8, 2022.
Motherson Group is a leading manufacturer of parts for the automotive and transportation industries. As part of the group’s restructuring activity, Motherson Sumi Systems Limited (MSSL) has now been renamed as Samvardhan Motherson International Limited (SAMIL).
The de-merger of the Domestic Wiring Harness (DWH) business and the merger of the parent entity took place in January this year and the share listing of Motherson Sumi Wiring India Limited (MSWIL) took place in March. In April last year, MSSL had informed the stock exchanges that the public shareholders have voted in favor of the proposal with an overwhelming majority, paving the way for the successful completion of the proposed restructuring.
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