Samvardhana Motherson International Limited on Thursday announced that Sumitomo Wiring Systems Limited Japan has sold 3.4 per cent shares in the company through a bulk deal. The company in an exchange filing said that the shares were sold as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment.
SWS with its subsidiary, H.K. Wiring Systems Limited held 17.72 per cent shares of the company, but after the sale of shares it will now hold 14.32 per cent shares in SAMIL.
The company also held a 25.34 per cent stake in Motherson Sumi Wiring India Limited.
SWS was the first partner of Motherson and has been a promoter since 1993. This is the first stake dilution by the company in almost four-decade but SWS will continue to be a promoter in SAMIL.
Shares of Samvardhana Motherson International Limited
The shares of Samvardhana Motherson International Limited on Thursday at 12:52 pm were at Rs 69.20, down by 9.90 per cent. The shares went down by nearly nine per cent on Thursday after the announcement of the sell.
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