Mahindra reduces selling price of its stake in Sanyo Special Steel Manufacturing 

Earlier on April 16, 2023, Automaker Mahindra & Mahindra said that it has agreed to sell its entire stake in SSSMIPL’ to Sanyo Special Steel Co., Ltd (Sanyo) at a price of Rs 610 per equity share pursuant to exercise of a Put Option available to the Company on Sanyo under the Shareholders’ Agreement.

The company said that consequent to the sale, the Company’s holding in SSSMIPL would become NIL and SSSMIPL would cease to be an Associate of the Company. Following the sale, the shareholding of Sanyo in SSSMIPL will increase from 57.19 percent to 80.00 percent.

The turnover of Sanyo Special Steel Manufacturing India Private Limited for the year ended as on March 31, 2022, was Rs 1,190.85 crores constituting 1.32 percent of the consolidated turnover of the Company. Its net worth for the same period was Rs 91.55 crores constituting 0.19 percent of the consolidated net worth of the Company.

Shares of Mahindra & Mahindra settled at Rs 1,206.90 per share, down 0.48 percent, today, April 24, 2023.