Kotak Mahindra Capital Company Ltd has submitted to the Exchange a copy of Letter of offer dated July 30, 2025 for the captioned offer.
SMLMAH · price
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Mahindra & Mahindra Limited (Acquirer) has filed a Letter of Offer dated July 30, 2025, for a mandatory open offer to buy up to 37,62,628 equity shares (26% of voting share capital) of SML Isuzu Limited at INR 1,554.60 per share in cash, amounting to a maximum consideration of about INR 584.94 crore. The open offer is triggered by underlying share purchase agreements signed on April 26, 2025, under which M&M will buy a 43.96% stake from Sumitomo Corporation and a 15% stake from Isuzu Motors Limited at INR 650 per share, totaling about 58.96% of voting share capital. The Competition Commission of India approved the deal on June 17, 2025. The tendering period will run from August 8, 2025 to August 22, 2025. Post-deal, Sumitomo will cease to be the promoter and M&M will become the new sole promoter of SML Isuzu.
For SML Isuzu shareholders, the open offer provides a cash exit opportunity at INR 1,554.60 per share, which is significantly above the SPA price of INR 650 paid to the sellers — though the market price will determine whether tendering is attractive. The change of control from Sumitomo/Isuzu to Mahindra is likely to be seen as a positive for long-term business prospects given M&M's larger scale and resources.