Sojitz Corp likely to sell 1.6% stake in Samvardhana Motherson via block deal: Report
Sojitz Corporation is expected to divest upto 1.6% stake in auto component major Samvardhana Motherson International through a block deal, according to a CNBC-TV18 report. The deal size is likely pegged at $92 million.
The deal is expected to be at a discount of up to 6% at current market price. The floor price of the block deal is ₹71 per share, the report said.
In October last year, Sojitz Corporation had divested 2.83% stake in auto component major Samvardhana Motherson International for ₹825 crore through an open market transaction.
As per the bulk deal data available with the BSE, Sojitz Corporation offloaded 12,80,00,000 shares, amounting to 2.83% stake in the company.
The shares were disposed of at an average price of ₹64.53 apiece, taking the transaction value to ₹825.98 crore.
In July 2020, the Motherson Group announced that they will reorganise its businesses and will change the name of Motherson Sumi Systems Ltd (MSSL) to Samvardhana Motherson International Ltd (SAMIL).
On Monday, shares of Samvardhana Motherson International Ltd closed 1.75% lower at ₹75.80 apiece on the BSE.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.