Kotak Mahindra Capital Company Ltd has submitted to the Exchange a copy of Detailed public statement in terms of Regulations 3(1) and 4 Read with Regulation 13(4),14(3) and 15(2) and other applicable Regulations of the securities and Exchange board of India ( SAST) Regulations, 2011 as amended, to the eligible shareholders of the company.
SMLMAH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.5 pts more than Nifty Microcap 250 and 3.7 pts more than its Agricultural Commercial & Construction Vehicles peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mahindra & Mahindra Limited (M&M) is making a mandatory open offer to acquire up to 37,62,628 equity shares (26% of voting capital) of SML Isuzu Limited at INR 1,554.60 per share, aggregating to about INR 584.94 crore. The offer follows underlying share purchase agreements signed on April 26, 2025, where M&M will buy 43.96% from Sumitomo Corporation and 15% from Isuzu Motors at INR 650 per share, taking its total holding to up to 84.96%. Post-acquisition, M&M will become the new promoter of SML Isuzu, while existing promoter Sumitomo will be reclassified as public. The company's name will also be changed to remove the Isuzu reference. SML Isuzu manufactures light and medium commercial vehicles (buses, trucks, special application vehicles) and reported FY24 revenue of INR 2,201 crore with net income of INR 108 crore.
This is a significant change of control event for SML Isuzu shareholders, with a marquee acquirer (M&M) stepping in. Public shareholders can tender shares at the open offer price of INR 1,554.60, which is well above the negotiated SPA price of INR 650. The stock is likely to trade around the offer price, and successful completion will mean M&M synergies, brand change, and possible restructuring of SML Isuzu's commercial vehicle business.