SML Isuzu Limited has informed the Exchange about General Updates- Intimation under Regulation 30 and other applicable provisions of the SEBI LODR 2015 - Detailed public statement (DPS), with respect to the open offer made by Mahindra & Mahindra Limited to the public shareholders of the Company
SMLMAH · price
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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 ₹1,554.60 per share, aggregating up to ₹584.94 crore. This follows two separate share purchase agreements signed on April 26, 2025, under which M&M will acquire a combined 58.96% stake — 43.96% from Sumitomo Corporation and 15% from Isuzu Motors — at ₹650 per share. After the deal, M&M will become the new promoter of SML Isuzu, the existing Japanese sellers (Sumitomo and Isuzu) will step down, and the company name will be changed to remove references to the sellers. The open offer is triggered under SEBI Takeover Regulations since M&M is crossing the 25% voting rights threshold along with taking control.
This is a major change of control event. Public shareholders of SML Isuzu can tender shares at the ₹1,554.60 offer price — a significant premium to the ₹650 per share paid to the sellers. Post-open offer, M&M could hold up to 84.96% of the company, which may push the stock to trade closer to the offer price in the near term, with potential implications for trading liquidity and minimum public shareholding norms.