Sumitomo Corporation sells 11 % stake in SML Isuzu to Isuzu motors

Commercial vehicle maker SML Isuzu yesterday said its Japanese promoter Sumitomo Corporation had sold 11 per cent stake to Isuzu Motors worth an estimated Rs60 crore.

Following the transaction, Sumitomo Corp's stake now stands at 43.96 per cent, SML Isuzu said in a filing to the Bombay Stock Exchange (BSE).

According to the filing, Sumitomo Corp yesterday transferred 15,91,881 equity shares, amounting to around 11 per cent stake in the company, to Isuzu Motors in a "negotiated sale".

Although the company did not put a figure to what the deal was worth, as per SML Isuzu's closing share price of Rs397 apiece today on BSE, the transaction is estimated to be worth around Rs60 crore.

Prior to the transaction, Isuzu Motors held a 4 per cent stake as a public shareholder in SML Isuzu, which now stands at 15 per cent.

SML Isuzu shares yesterday closed 3.76 per cent up at Rs397 apiece on the BSE.