Auto components manufacturer Samvardhana Motherson International announced on Monday that it has raised Rs.6,438 crore through a qualified institutional placement (QIP) of securities. The company reported significant demand from both domestic and foreign institutional investors, surpassing the issue size.

According to a regulatory filing, over 95% of the allocations were made to leading long-term investors, including mutual funds, insurance companies, pension funds, and foreign institutional investors.

The company plans to use the majority of the funds to repay debt, improving its financial position and enabling it to capitalize on future growth opportunities. A portion of the proceeds will also be allocated for general corporate purposes.