Samvardhana Motherson, on Thursday, said that the board has approved the acquisition of the remaining 50 percent stake of Fritzmeier Motherson Cabin from F Holdings GmbH, Austria.
The company acquired the remaining 50 percent stake of Fritzmeier Motherson Cabin for Rs 110.7 crore, it added.
Fritzmeier Motherson Cabin is engaged in development, manufacture and sale of operator cabins, cover assemblies and fabrications for the off highway applications. The company also has a manufacturing facility in Kanchipuram, India.
In an exchange filing, Samvardhan Motherson said, “The Board of Directors of Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) (the “Company”) at their meeting held on March 16, 2023 approved to acquire remaining 50 percent stake of Fritzmeier Motherson Cabin Engineering Private Limited from F Holdings GmbH, Austria, subject to satisfactory completion of conditions precedent. Post completion of the transaction, Fritzmeier Motherson Cabin Engineering Private Limited will become wholly owned subsidiary of the Company.”
Earlier today, CNBC-TV18 confirmed that Samvardhana Motherson Promoter sold 3.4 percent stake via Block Deals to fund partial debt repayment.
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At the beginning of the month, Samvardhana Motherson’s arm acquired an additional 1.5 percent in SMR jersey from an independent third party for €18.4 million. Post acquisition, SMR Jersey became a 100 percent subsidiary of arm, SMRP BV.
Last month, the automotive industry company acquired 100 percent stake in SAS Autosystemtechnik for an estimated value of €540 m.
The stocks of Samvardhana Motherson settled at Rs 68.50 apiece, down nearly 11 percent, when the market closed.
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