India’s prominent automobile maker, Mahindra & Mahindra has decided to increase their shareholding in the Korean carmaker Ssangyong Motor Company (SYMC), by investing Rs. 316.5 crores through the purchase of 1.18 crore equity shares.
Mahindra & Mahindra in its regulatory filing said, “In response to the offer of shares made by Ssangyong Motor Company, a listed subsidiary of the Company (“SYMC”), the Company has today agreed to subscribe to 1,18,90,606 Equity Shares of SYMC at a price of KRW 4,205 per equity share aggregating KRW 50 billion (equivalent to around Rs. 316.5 crore).”
According to Mahindra & Mahindra, after the purchase of the shares, the company’s shareholding in Ssangyong Motor Company will increase from 72.46% to 74.65%. As per the M&M statement, the date for the completion of the acquisition is set on February 24 2019.