13 Oct 2023 , 12:47 PM
Maruti Suzuki’s stock traded higher on October 13 due to plans to issue preferential shares to parent company Suzuki Motor Corporation (SMC) for the acquisition of a 100 percent stake in Suzuki Motor Gujarat.
On October 17, Maruti Suzuki India’s board will evaluate the issuance of shares to SMC instead of a cash transaction, with Maruti Suzuki gaining full equity control of Suzuki Motor Gujarat.
Maruti Suzuki had previously announced the termination of its contract manufacturing agreement with Suzuki Motor Gujarat Private Limited (SMG) on July 31. Maruti Suzuki intends to acquire SMC’s entire shareholding in SMG to conclude the contract manufacturing agreement.
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