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Mahindra & Mahindra (M&M) on Saturday mentioned it has agreed to promote over 34.75 lakh shares, constituting 22.81 per cent of the paid-up capital, in Mahindra Sanyo Particular Metal Pvt Ltd (MSSSPL), to Japan-based Sanyo Particular Metal Co Ltd in a Rs 212 crore deal.
Following the sale, the corporate’s holding in MSSSPL would turn out to be nil, M&M mentioned in a regulatory submitting.
The Mumbai-based automaker will obtain Rs 211.99 crore from the stake sale, it added.
For the yr ended March 31, 2021, the turnover of MSSSPL stood at Rs 834.43 crore constituting 1.12 per cent of the consolidated turnover of the corporate, M&M mentioned.
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Edison mentioned in a regulatory submitting that that they had put in an injunction request with the District Courtroom in Seoul requesting {that a} contemporary takeover of SsangYong shouldn’t be allowed in lieu of their consortium’s contract signed in the beginning of this yr. This whilst South Korea’s KG Group and Ssangbangwool (SBW) Group maintained they’d go all the way in which within the race over a controlling stake in SsangYong regardless of financing challenges and authorized setbacks.
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