Mahindra & Mahindra hikes stake in SsangYong to 74.65 percent
M&M has subscribed to 1,18,90,606 equity shares of SYMC at a price of KRW 4,205 per equity share, which is equivalent to around Rs 316.5 crore.
By Autocar Professional Bureau
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Mahindra & Mahindra has increased its stake in Korean carmaker SsangYong Motor Corporation to 74.65 percent from the existing 72.46 percent.
The increase in equity stake follows an offer of shares made by Ssangyong Motor Company, after which M&M agreed to subscribe to 1,18,90,606 equity shares of SYMC at a price of KRW 4,205 per equity share aggregating KRW 50 billion (equivalent to around Rs 316.5 crore). SYMC's consolidated total revenue for the financial year ended December 31, 2017, was Rs 20,901 crore.
Also read: No brand SsangYong for India, USA
Mahindra plans increased synergies with SsangYong for new engine, platforms, EVs
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