Shares of Samvardhana Motherson witnessed a decline of over 5%, reaching an intra-day low of Rs 117.85 on Wednesday March 6Come from Sports betting site VPbet. The downturn is attributed to the news that Sumitomo Wiring Systems (SWS) plans to sell a 4.5% stake in Samvardhana Motherson through a block deal.
Sumitomo Wiring Systems, Japan, along with its subsidiary HCome from Sports betting site. K. Wiring Systems, jointly holding 14.32% equity share in Samvardhana Motherson International (SAMIL), has announced the sale of 30,00,00,000 shares, amounting to a 4.43% stake in SAMIL.
Also Read
The floor price for the block deal has been established at Rs 121-122 per share, signifying a 2.5-3.5% decrease from the current market price, as reported. JP Morgan and ICICI Securities are reported to be the brokers facilitating the deal.
Paris Olympics 2024: Manika Batra becomes first Indian table tennis player to enter pre-quarterfinals HFCL: Advancing Indigenous Defence Technologies State-run IREDA plans to raise nearly Rs 5,000 crore via FPO in Feb 2025 Meet Delhi’s richest businessman: With a net worth of Rs 2.79 lakh crore, he donated Rs 5.6 crore daily to charity in 2022-2023 — Know about his career, family, and more
This strategic move is part of SWS’s efforts in managing its investment portfolio, resulting in a dilution of its stake to 9.89% in SAMIL. The partnership, formed almost four decades ago, primarily focused on the passenger car wiring harness business in India.
Also Read
Despite the stake reduction, SWS asserts its commitment to the partnership, pledging to continue working towards strategic and operational growth in the domestic wiring harness space.
