rewrite this content using a minimum of 1000 words and keep HTML tags
M&M-SML Isuzu Deal News: Mahindra & Mahindra (M&M) shares jumped on Monday after the auto giant announced the acquisition of a 43.96 per cent stake in SML Isuzu Ltd from Sumitomo Corporation for Rs 413.55 crore in cash. Sumitomo Corporation is a promoter of SML Isuzu Ltd. M&M said the deal supports its long-term growth vision in the commercial vehicle segment.
The deal is subject to necessary approvals from stakeholders including shareholders and regulators.
M&M signed a share purchase agreement (SPA), dated April 26, with Sumitomo Corp and SML.
ALSO READ: Should you buy M&M shares for long term now?
M&M also announced an open offer for the acquisition of 26 per cent of SML’s equity share capital for cash consideration at Rs 1,554.6 per share from eligible public shareholders. The offer is subject to approval of fair trade regulator CCI.
What does the acquisition mean for M&M?
M&M said that the acquisition will enable it to strengthen its presence in the trucks and buses segment by unlocking operational synergies, enhancing product development capabilities, and expanding market reach.
What does SML Isuzu do?
A listed company in India, SML Isuzu mainly operates in the business of manufacturing and sale of light and medium commercial vehicles (CVs). Its product portfolio spans segments such as buses, trucks and specific application vehicles.
With a manufacturing facility in Punjab, SML Isuzu has a pan-India distribution network.
For the financial year 2023-24, SML’s turnover stood at Rs 2,196 crore. Its net worth was at Rs 286 crore, as of March 31, 2024.
Catch key stock market updates here. For all other news, visit Zeebiz.com.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this
Source link
