SML Isuzu has soared 7% to Rs 424 after the company said its Japanese promoter Sumitomo Corporation sold 11% stake in the company for around Rs 60 crore.
“Post this transaction, Sumitomo Corp's stake in the company has come down to 43.96% from 54.96%," SML Isuzu said in a filing to the Bombay Stock Exchange (BSE).
SML Isuzu has sold the stake to another existing shareholder from Japan, Isuzu Motors, under negotiated sale, taking the latter's stake up to 15% from 4%. The company has a technical assistance agreement for its products with Isuzu, Japan.
A combined 8,200 shares have changed hands on the counter so far on both the exchanges.
