Business Update27 Mar 2024, 12:18 am
Samvardhana Motherson International Limited Announces Partial Conversion of Note and Acquisition of 100% Stake in Prysm's Indian Subsidiary
AI Summary
Samvardhana Motherson International Limited has announced the partial conversion of a USD 14 Million secured note into a minority stake in Prysm Systems Inc. The conversion is conditional upon the successful completion of Gen 3 prototype development, which is expected by the end of April 2024. Additionally, SAMIL will acquire 100% of Prysm's Indian subsidiary, Prysm Displays (India) Pvt Ltd.
Key Highlights
- Samvardhana Motherson International Limited has converted USD 425,000 of a secured note into a minority stake in Prysm Systems Inc.
- The conversion is dependent on the successful completion of Gen 3 prototype development by the end of April 2024.
- SAMIL will acquire 100% of Prysm's Indian subsidiary, Prysm Displays (India) Pvt Ltd.