M&M to Sell 22% Stake in MSSSPL to JV Partner for Rs 146.32 Cr | CORPORATE ETHOS

M&M to Sell 22% Stake in MSSSPL to JV Partner for Rs 146.32 Cr

By: | February 9, 2018
M&M

Feb 9: Mumbai-based leading automaker Mahindra & Mahindra Ltd (M&M) on Friday said that it has agreed to sell 26,36,401 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating 22% of the paid-up Equity Share Capital of MSSSPL, to Japan-based Sanyo Special Steel Co., Ltd (Sanyo), for a consideration of Rs 146.32 crore.

MSSSPL is a joint venture between Mahindra & Mahindra (51%), Sanyo and Mitsui & Co., Ltd (20%) Japan.

Following the sale, M&M’s shareholding in MSSSPL would come down to 29% from 51% of its share capital, and MSSSPL will cease to be a subsidiary of the Company.

According to the company, the sale is expected to complete by 31st March, 2018.

M&M shares were trading in red at Rs 748.60, down 0.68% from the previous closing of Rs 753.75, on BSE at 11.19 am today.