Samvardhana Motherson International Ltd.'s board of directors approved the acquisition by Samvardhana Motherson Innovative Solutions Ltd. of Sojitz Corp.'s 34% stake in Motherson Auto Solutions Ltd. in a board meeting on Friday, according to a BSE filing. SMISL is a 100% subsidiary of SAMIL.
"SMISL will hold 100% of the equity share capital (along with nominee shareholders) of MASL. Therefore, MASL will become an indirect, wholly owned subsidiary of SAMIL," the filing said.
SMISL spent Rs 236.5 crore on the acquisition of a 34% stake in MASL from Sojitz Corp., according to the filing.
MASL is "engaged in the business of acquiring, developing, operating, selling, renting, leasing, and operating industrial parks with ready-built-in factories along with necessary infrastructure.".
MASL manages and operates an industrial park in Chennai, featuring a land bank of approximately 270 acres. The park is fully equipped with essential infrastructure, including internal roads, a storm drainage system, water supply, sewage systems, and power supply, all of which are leased to industries within the park.
The Board of Directors of Samvardhana Motherson International has approved raising funds through the issuance of equity shares or other convertible securities, either individually or in combination.
This would be done via one or more methods, including a further public offer, rights issue, American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds, qualified institutional placements, preferential issues, or any other suitable combination of these methods, according to an exchange filing on BSE.
They are planning to issue up to 33,88,21,074 equity shares.
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