Mahindra & Mahindra has agreed to divest its stakes in Mahindra Sanyo Special Steel to Japan-based Sanyo Special Steel for a consideration of nearly INR 212 crore. M&M said that the company has agreed to sell 34,75,264 equity shares of INR 10 each held by the company in Mahindra Sanyo Special Steel constituting 22.81% of the Paid-up Capital to Sanyo Special Steel pursuant to the exercise of a Put Option available to the Company on Sanyo under the Shareholders’ Agreement. The equity shares sale will be carried at a floor price of INR 610 per equity share for a consideration of INR 211.99 crore. Following the sale, the shareholding of Sanyo in Mahindra Sanyo Special Steel will increase from 57.19% to 80%. On the completion of the transaction, M&M's shareholding in Mahindra Sanyo Special Steel will be nil.The transaction is expected to complete around July 2022.Khopoli Maharashtra based Mahindra Sanyo Special Steel Private Limited, formerly Mahindra Ugine Steel Company, is a leading, pioneer manufacturer of Carbon, Alloy & Tool Die Steels in As Cast, Forged, Rolled, Turned, Heat treated and Ring forged supply condition. The long products are with different shapes of Ingots, Blooms, Slabs Billets, Bars, Rings and are offered in various sizes as per national, international and Customers’ specifications. These high quality steels find applications in different sectors of industries like Automobile, Bearing, Engineering, Oil gas & Mining, Railways etc.
Mahindra & Mahindra has agreed to divest its stakes in Mahindra Sanyo Special Steel to Japan-based Sanyo Special Steel for a consideration of nearly INR 212 crore. M&M said that the company has agreed to sell 34,75,264 equity shares of INR 10 each held by the company in Mahindra Sanyo Special Steel constituting 22.81% of the Paid-up Capital to Sanyo Special Steel pursuant to the exercise of a Put Option available to the Company on Sanyo under the Shareholders’ Agreement. The equity shares sale will be carried at a floor price of INR 610 per equity share for a consideration of INR 211.99 crore. Following the sale, the shareholding of Sanyo in Mahindra Sanyo Special Steel will increase from 57.19% to 80%. On the completion of the transaction, M&M's shareholding in Mahindra Sanyo Special Steel will be nil.The transaction is expected to complete around July 2022.Khopoli Maharashtra based Mahindra Sanyo Special Steel Private Limited, formerly Mahindra Ugine Steel Company, is a leading, pioneer manufacturer of Carbon, Alloy & Tool Die Steels in As Cast, Forged, Rolled, Turned, Heat treated and Ring forged supply condition. The long products are with different shapes of Ingots, Blooms, Slabs Billets, Bars, Rings and are offered in various sizes as per national, international and Customers’ specifications. These high quality steels find applications in different sectors of industries like Automobile, Bearing, Engineering, Oil gas & Mining, Railways etc.