M&M sells 22% stake in JV Mahindra Sanyo for Rs 146.32 crore
Mahindra Sanyo Special Steel Pvt Ltd is a joint venture between M&M India (51%), Sanyo Special Steel Co Ltd Japan(29%) and Mitsui & Co Ltd Japan (20%).business Updated: Feb 09, 2018 11:37 IST
Mahindra & Mahindra said on Friday it will sell 22% of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co 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% 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%) India, Sanyo Special Steel Co Ltd (29%) Japan and Mitsui & Co Ltd (20%) Japan.
“Following the sale, company’s shareholding in MSSSPL would come down to 29% from 51% 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% lower at Rs 749.20 on BSE.