Sumitomo Wiring Systems sells 3.4% stake in Samvardhana Motherson International
1 min read 16 Mar 2023, 05:25 PM ISTWith today’s block deals, the holding of Sumitomo Wiring Systems in Samvardhana Motherson will reduce to 14.32% while its shareholding in Motherson Sumi Wiring will remain unchanged.
PremiumNew Delhi: Japan’s Sumitomo Wiring Systems, along with a subsidiary, has offloaded a 3.4% stake in Samvardhana Motherson International in a block deal, according to a regulatory filing on Thursday.
“Sumitomo Wiring Systems, Ltd, Japan (hereinafter referred as ‘SWS’), a promoter of Samvardhana Motherson International Limited (hereinafter referred as ‘SAMIL’) has intimated selling of 3.4% shares held in SAMIL through ‘bulk deal’ at stock exchange in India, as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment,“ it said.
Sumitomo Wiring Systems along with HK Wiring held 17.72% stake in Samvardhana Motherson and 25.34% stake in Motherson Sumi Wiring. With today’s block deals, the holding of Sumitomo Wiring Systems in Samvardhana Motherson will reduce to 14.32% while its shareholding in Motherson Sumi Wiring will remain unchanged.
SWS was first JV Partner of Motherson and is promoter of SAMIL (formerly known as MSSL) since its IPO in 1993. This is a first dilution of Sumitomo Wiring Systems in almost four decades.
SWS firmly believes that SAMIL continues to be an aspiring entity with a robust global growth potential ahead. Accordingly, SWS will remain a promoter in SAMIL SWS will be continuing their long-standing engagement with MSWIL as a principal joint venture partner and will keep supporting MSWIL on evolving technologies and technical know-how. SWS looking forward to continuing its enduring & lasting collaboration with Motherson and Sehgal family.
SAMIL is a leading automotive suppliers for OEMs. It supports its customers from more than 300 facilities across 41 countries, with a team of over 1,50,000 professionals. The group recorded revenues of $10.5 billion for FY22.
