Mahindra to acquire nearly 59% of SML Isuzu for Rs 555 crore

NEW DELHI: Mahindra & Mahindra Ltd on Saturday stated it has entered into an settlement to acquire nearly 59% stake in heavy-vehicle maker SML Isuzu (SML) at Rs 650 per share, which can entail an outlay of Rs 555 crore.
As half of the transaction, M&M would acquire your entire stake of nearly 44% held by Sumitomo Corporation, promoter of SML, and individually additionally acquire a 15% stake held by Isuzu Motors , public shareholder of SML.
M&M would launch a compulsory open supply to acquire up to 26% stake from public shareholders of SML in accordance with SEBI laws. The acquisition will double market share to 6%, with a plan to enhance this to 10-12% by FY31 and 20% by FY36, the agency stated.