M&M sells 22% stake in JV Mahindra Sanyo for Rs 146.32 crore

Mahindra & Mahindra today said it will sell 22 per cent of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for Rs 146.32 crore.

"The company has today agreed to sell 26,36,401 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating 22 per cent of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co., Ltd. For a consideration of Rs 146.32 crore," Mahindra & Mahindra (M&M) said in a BSE filing.

MSSSPL is a joint venture (JV) between M&M (51 per cent) India, Sanyo Special Steel Co Ltd (29 per cent) Japan and Mitsui & Co Ltd (20 per cent) Japan.

TRENDING NOW

Poco M6 Pro 5G's new variant launched at Rs 12,999 - Check details

With more than 5% move in November, Nifty index looks to be 13% overvalued

Mizoram assembly polls: Counting of votes deferred by a day to Monday

Brand Retention | 82% of existing Lava users likely to purchase next smartphone from same brand: Report

Assembly Poll Results 2023: How to check election result on mobile using Voter Helpline app | Step-by-Step Guide

D-Street Newsmakers: Flair Writing, New India Assurance, Ashok Leyland among 10 stocks that hogged limelight today

Salasar Techno Engineering secures power infrastructure project in Tamil Nadu

Nothing Phone (2) price drop alert! Get flat Rs 5,000 discount - Check details

Thailand-based MQDC plans to develop luxury housing projects in Delhi-NCR

ICICI Bank introduces UPI payments via RuPay credit cards; here's all you need to know

World Tennis League: World No. 9 Hubert Hurkacz among others players to play in Season 2

Broadcom to lay off 1,300 VMware employees following takeover

Sam Altman's Q* Project and WorldCoin: Evaluating the potential threat to humanity

15 Bengaluru schools get bomb threat emails, police say 'hoax'

GST collection rises to Rs 1.67,929 lakh crore in November, records highest growth rate of 15% Y-o-Y

"Following the sale, company's shareholding in MSSSPL would come down to 29 per cent from 51 per cent of its share capital, and MSSSPL will cease to be a subsidiary of the company," Mahindra & Mahindra added.

The transaction is expected to be completed by March 31 depending upon receipt of requisite approvals.

Turnover of MSSSPL for the year ended March, 2017 was Rs 918 crore.

Shares of Mahindra & Mahindra were trading 0.60 per cent lower at Rs 749.20 on the BSE.