Mahindra & Mahindra raises Ssangyong stake to 74.6%

Homegrown auto major Mahindra & Mahindra (M&M) on Wednesday said it has increased stake in its South Korean arm Ssangyong Motor Company to 74.65% with subscription of additional shares worth Rs 316.5 crore. In response to offer of shares made by Ssangyong Motor Company (SYMC), the company has agreed to subscribe to 1,18,90,606 equity shares of SYMC, M&M said in a regulatory filing. The subscription has been done at a price of KRW (South Korean won) 4,205 per equity share aggregating KRW 50 billion, equivalent to around Rs 316.5 crore, it added.

“Pursuant to the above, the shareholding of the company (M&M) in SYMC would increase from 72.46% to 74.65%,” M&M said. The transaction is expected to be completed by February 24, it said.