Kotak Mahindra Capital Company Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Eligible Shareholders of SML Isuzu Ltd ("Target Company").
SMLMAH · price
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Awaiting price reaction for this filing.
Mahindra & Mahindra Ltd (M&M) has triggered a mandatory open offer to buy up to 37,62,628 equity shares (26%) of SML Isuzu Ltd from public shareholders at Rs 1,554.60 per share in cash, totalling up to Rs 584.94 crore. This follows M&M's underlying deal signed on April 26, 2025, to acquire ~58.96% from existing promoters Sumitomo Corporation (43.96%) and Isuzu Motors (15%) at Rs 650 per share, aggregating roughly Rs 554.65 crore. An escrow of Rs 133.5 crore has been placed with Kotak Mahindra Bank, and the offer is conditional on Competition Commission of India (CCI) approval. The tendering period is expected to run from June 19 to July 2, 2025, after which M&M will become the new promoter of SML Isuzu and Sumitomo will be reclassified as a public shareholder.
Public shareholders of SML Isuzu get an opportunity to exit at Rs 1,554.60, which is over 2x the price M&M is paying the outgoing promoters (Rs 650). Expect heightened trading activity and potential price volatility around the offer window, and a significant change in control with M&M taking over as promoter.