Acquisitions27 Apr 2025, 02:43 am
SML Isuzu Ltd Announces Major Share Purchase Agreements with Sumitomo Corporation, Japan and Mahindra & Mahindra Limited
AI Summary
SML Isuzu Ltd has announced that its Board of Directors has taken on record a share purchase agreement between Sumitomo Corporation, Japan, Mahindra & Mahindra Limited, and the Company. The agreement records the terms and conditions for the transfer of shares of the Company from Sumitomo Corporation to Mahindra & Mahindra Limited. The Company will not be a party to the terms & conditions agreed between Sumitomo Corporation and Mahindra & Mahindra Limited including commercials. The Purchaser will be required to make an open offer to the eligible public shareholders of the Company in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Key Highlights
- SML Isuzu Ltd has signed a share purchase agreement with Sumitomo Corporation, Japan and Mahindra & Mahindra Limited.
- Sumitomo Corporation will transfer 6,362,306 equity shares representing 43.96% of the equity share capital of the Company to Mahindra & Mahindra Limited.
- The Purchaser will be required to make an open offer to the eligible public shareholders of the Company.
- The Company is not a party to the terms & conditions agreed between Sumitomo Corporation and Mahindra & Mahindra Limited including commercials.
- The signing of the agreement is subject to satisfaction of customary conditions precedent, including but not limited to, receipt of approval from Competition Commission of India (CCI)