The Board of Directors of Maruti Suzuki India at its Meeting held on August 8 has approved issue of equity shares of the Company on preferential allotment basis to Suzuki Motor Corporation (SMC), as consideration for the acquisition of 100 percent stake of SMC in Suzuki Motor Gujarat Private Limited (SMG), the company announced through an exchange filing.
As per the filing, the total number of securities proposed to be issued to SMC as consideration for the acquisition of 100 percent stake of SMC in SMG, shall be decided in a subsequent Board Meeting, basis relevant valuation reports subject to and in compliance with the applicable regulatory and statutory framework.
Post such acquisition, SMG will become a wholly owned subsidiary of the Company.
The details in relation to the subscription, including the issue price for the securities and the post allotment holding of the investors, will be decided in a subsequent Board Meeting.
Maruti Suzuki India Limited shares
The shares of Maruti Suzuki India Limited on Tuesday at 12:39 pm IST were at Rs 9,574, up by 0.53 percent.
