Samvardhana Motherson International (SMIL) is down in the red; from its close of Rs.105.10, it opened slightly higher at Rs.105.30 and even rose to Rs.105.50 but from there it fell 3% to Rs.101.90 and is currently trading at the same levels. Its 10% LC for the day is at Rs.97.60.
The unconfirmed news on the counter is that Japanese promoter, Sumitomo Wiring Systems is planning to sell its entire 14.15% stake in the company and at the current market cap of over Rs.71,000 crore, is looking at getting around Rs.10,000 crore.
News is the Nomura has been appointed at the investment banker to broker the deal and the expected price range is around Rs.110-120/share.
If one may recollect, last year, in March’23, Sumitomo had sold 3.4% stake in SMIL at Rs.70.10/share.
This complete exit is Sumitomo’s plan to deleverage itself globally.