The decision was taken in a meeting held today. MSIL will pay for 100% equity of Suzuki Motor Corporation by alloting approximately 12.32 crore equity shares of the company at a price of Rs 10,420.85 per equity share, on a preferential basis, the filing said.
The proposed transaction is being done at “arm’s length”, taking into account the valuation report issued by RBSA Valuation Advisors LLP, Independent Registered Valuer, in accordance with the applicable laws, the filing claimed.
Maruti Suzuki shares were trading at down 0.45% on the NSE around 10:50 am today. The stock hit a fresh 52-week high of Rs 10,810.85 on Monday.
Earlier this month, Maruti Suzuki reported September total production decline by 1% to 1,74,978 units. The company had produced 177,468 units in September 2022. Last month, production of entry level cars — Alto and S-Presso — declined by 70% to 10,705 units from 35,887 units in the year-ago period, Maruti Suzuki India said in a regulatory filing.
Similarly, production of models like Baleno, Celerio, Dzire, Ignis, Swift and WagonR, declined to 90,849 units in September as against 92,717 units in the same month last year.
Production of mid-sized sedan Ciaz declined to 2,304 units last month. It was 2,654 units in September 2022.Total passenger car production dropped by 21% to 1,03,858 units last month as against 1,31,258 units in the year-ago period.
Production of utility vehicles, including Brezza, Grand Vitara, Ertiga and Jimny, however, rose to 56,579 units last month as compared with 29,811 units in September 2022.
Total passenger vehicle production fell marginally to 1,73,451 units last month over 1,73,929 units in September 2022.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)