SML Isuzu Limited has informed the Exchange regarding Outcome of Board Meeting held on April 26, 2025 regarding Intimation under Regulation 30 read along with Schedule III of the Securities and Exchange Board of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015,
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SML Isuzu's board on April 26, 2025 approved two share purchase agreements under which Mahindra & Mahindra (M&M) will buy a total of 58.96% stake in the company at Rs. 650 per share. Under SPA 1, Japan's Sumitomo Corporation (the current promoter) will sell its 6,362,306 shares (43.96%) for about Rs. 413.5 crore. Under SPA 2, Japan's Isuzu Motors (a public shareholder) will sell 2,170,747 shares (15%) for about Rs. 141.1 crore. Combined deal value is roughly Rs. 554.6 crore. The transaction is subject to Competition Commission of India (CCI) approval. After completion, M&M will become the new promoter and take control of the company, Sumitomo will be reclassified as a public shareholder, and the company name will be changed. Existing Sumitomo, Isuzu, and the current MD & CEO will step down from the board, and M&M nominees including a new Managing Director will be appointed, subject to shareholder approval.
M&M taking over as promoter is a significant change of control event, likely positive for minority shareholders given the strong promoter backing. An open offer to public shareholders will be triggered as per SEBI takeover rules, and the company will be rebranded under M&M.