16 Mar 2023 , 09:12 AM
According to news reports, on Thursday, the Japanese promoter business Sumitomo Wiring Systems will likely sell a 3.4% stake in Samvardhana Motherson International through a block sale.
The floor price for the transaction has been set at Rs69.9, or roughly 9% less than the previous price close.
A deal of Rs1,607 crore would see Sumitomo Wiring sell roughly 230 million of its shares. As of the December quarter, the promoter company owned around 17.55% of Samvardhana Motherson.
According to shareholding information accessible with the exchanges, the promoter and promoter group own 68.16% of the company, with the public owning the remaining portion.
About 8.90% of the company is owned by top mutual funds, including Nippon India and ICICI Pru MF, and roughly 7.86% is owned by international investors.
One of the top manufacturers of specialized automotive components for original equipment manufacturers is Samvardhana Motherson. The corporation serves its diversified clientele, which includes nearly all of the world's top automakers, from more than 300 locations spread over 41 nations and five continents.
In recent years, it has expanded to serve clients in non-automotive industries such as technology and industrial solutions, health and medical, aerospace, and logistics. Samvardhana is one of the top 25 automotive suppliers worldwide and is currently the largest auto auxiliary in India.
In the December quarter, the company posted a net profit of Rs454 crore, up 388% over the same period the previous year. For the third quarter, operating revenue increased 25% year over year to Rs20,226 crore.
The company's stock decreased 3.24% on Wednesday to settle at Rs76.25 on the NSE. The company's shares haven't increased much so far this year, only marginally 0.73% year to date. The stock has decreased by around 7.91% during the past six months.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.