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Mahindra & Mahindra sells 22% stake in JV Mahindra Sanyo for Rs 1.46 bn

MSSSPL is a joint venture (JV) between M&M (51 per cent) India, Sanyo Special Steel Co Ltd (29 per cent) Japan and Mitsui & Co Ltd (20 per cent) Japan

Press Trust of India  |  New Delhi 

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Mahindra & Mahindra

on Friday said it will sell 22 per cent of its stake in joint venture firm to Sanyo Special Steel Co Ltd for Rs 1.46 billion (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 Special Steel Pvt Ltd (MSSSPL), aggregating 22 per cent of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co., Ltd. for a consideration of Rs Rs 1.46 billion," (M&M) said in a BSE filing.

MSSSPL is a joint venture (JV) between (51 per cent) India, Sanyo Special Steel Co Ltd (29 per cent) Japan and (20 per cent) Japan.

"Following the sale, company's shareholding in MSSSPL would come down to 29 per cent from 51 per cent of its share capital, and MSSSPL will cease to be a subsidiary of the company," 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 9.18 billion.

Shares of Mahindra & Mahindra were trading 0.60 per cent lower at Rs 749.20 on BSE.

First Published: Fri, February 09 2018. 12:51 IST
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