News

Samvardhana Motherson share price rose over 3 per cent in intraday trade on the BSE on Friday, August 29, looking set to snap its six-session losing streak, after the company revealed latest acquisition updates. Samvardhana Motherson's shares opened at ₹92.85 against its previous close of ₹92.09 and rose more than 3 per cent to hit an intraday high of ₹95. Around 12 PM, the stock traded 2.2 per cent up at ₹94.11.

Through an exchange filing on August 29, Samvardhana Motherson said its board had approved to acquire as much as 81 per cent stakes with voting rights in Yutaka Giken Co., Ltd. and an 11 per cent stake in Shinnichi Kogyo Co., Ltd. through its indirect wholly-owned subsidiary, Motherson Global Investments B.V.

Yutaka Giken is a Japanese company and is listed on the Tokyo Stock Exchange, and Shinnichi is a subsidiary of Yutaka Giken with 62 per cent ownership by Yutaka Giken.

The company further said it will directly or through its wholly-owned subsidiary, acquire 100 per cent of the shares and voting rights in Yutaka Autoparts India Private Limited from Yutaka Giken.

(This is a developing story. Please check back for fresh updates.)

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.