Commercial vehicle maker SML Isuzu today said its Japanese promoter Sumitomo Corporation has sold 11 per cent stake to Isuzu Motors for an estimated about Rs 60 crore.
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Post this transaction,Sumitomo Corp’s stake in the company has come down to 43.96 per cent,SML Isuzu said in a filing to the Bombay Stock Exchange (BSE).
According to the filing,Sumitomo Corp today transferred 15,91,881 equity shares,representing 11 per cent stake in the company,to Isuzu Motors through a “negotiated sale”.
Although the company did not share any monetary value involved in this deal,as per SML Isuzu’s closing share price of Rs 397 apiece today on BSE,the transaction is estimated to be worth around Rs 60 crore.
Prior to this increase in its holding,Isuzu Motors was holding 4 per cent stake as a public shareholder in SML Isuzu that has now been increased to 15 per cent.
The shares of SML Isuzu today closed 3.76 per cent up at Rs 397 apiece on the BSE.
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