Sojitz Corp likely to sell 1.6% stake in Samvardhana Motherson via block deal: Report
1 min read . Updated: 16 Jan 2023, 09:35 PM IST
Premium- Shares of Samvardhana Motherson International Ltd closed 1.75% lower at ₹75.80 apiece on the BSE
Sojitz Corporation is expected to divest upto 1.6% stake in auto component major Samvardhana Motherson International through a block deal, according to a CNBC-TV18 report. The deal size is likely pegged at $92 million.
The deal is expected to be at a discount of up to 6% at current market price. The floor price of the block deal is ₹71 per share, the report said.
In October last year, Sojitz Corporation had divested 2.83% stake in auto component major Samvardhana Motherson International for ₹825 crore through an open market transaction.
As per the bulk deal data available with the BSE, Sojitz Corporation offloaded 12,80,00,000 shares, amounting to 2.83% stake in the company.
The shares were disposed of at an average price of ₹64.53 apiece, taking the transaction value to ₹825.98 crore.
In July 2020, the Motherson Group announced that they will reorganise its businesses and will change the name of Motherson Sumi Systems Ltd (MSSL) to Samvardhana Motherson International Ltd (SAMIL).
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On Monday, shares of Samvardhana Motherson International Ltd closed 1.75% lower at ₹75.80 apiece on the BSE.
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