MUMBAI Indian car parts maker and engineering group Motherson Sumi Systems Ltd has launched a share sale to institutions worth up to 20 billion rupees ($300 million), it said in a stock exchange filing on Thursday.
Motherson Sumi is selling shares in a price range of 317 rupees to 327.95 rupees apiece, IFR, a Thomson Reuters publication, reported separately. The offer comprises a base deal worth up to 16.6 billion rupees with an option to increase the offer by 3.3 billion rupees.
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.
($1 = 66.5419 Indian rupees)
(Reporting by S. Anuradha and Devidutta Tripathy; Editing by Greg Mahlich)