Suzuki Corporation buys Rs 300 crore worth of shares of Maruti Suzuki

16 Mar 2023 , 09:58 AM

On Wednesday, Maruti Suzuki said that its promoter Suzuki Motor Corporation, has picked up over 3 lakh shares of the company, worth about Rs 300 crore in an open market transaction.

According to SAST disclosures to stock exchanges, Suzuki Motor Corporation, the promoter of MSIL, purchased 3.45 lakh shares in the company from the open market between March 10 and 13, 2023.

The stake purchase represents 0.11% of the total stake purchase valued at Rs296 crore. Following the purchase of this stake, the promoter’s stake in the company increased marginally from 56.37% to 56.48%.

Suzuki’s last stake increase in MSIL dates back to June-September 2020, and with the company launching impressive models in the SUV segment, a strong backlog of orders, and the domestic passenger vehicle market being underpenetrated, the brokerage firm anticipates healthy financial performance for MSIL in the future. 

Overall, this move by Suzuki Motor Corporation is seen as a positive development for MSIL.

At around 9.50 AM, Maruti Suzuki was trading 0.33% lower at Rs8,446.90 apiece, against the previous close of Rs8,474.95 on NSE. The counter opened at Rs8,460.10.

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