Mahindra & Mahindra Limited, a leading Indian automotive manufacturer, has initiated an open offer to acquire up to 37,62,628 fully paid-up equity shares of SML Isuzu Limited, representing 26% of the company’s voting share capital. The offer, priced at INR 1,554.60 per equity share, aims to strengthen Mahindra’s position in the commercial vehicle sector.
The open offer, managed by Kotak Mahindra Capital Company Limited, follows a public announcement made by Mahindra & Mahindra on April 26, 2025. In compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, a detailed public statement was published on May 5, 2025, in several prominent newspapers, including Financial Express (English, all editions), Jansatta (Hindi, all editions), Ajit (Punjabi, Shaheed Bhagat Singh Nagar edition), and Navshakti (Marathi, Mumbai edition).
The offer is directed at eligible shareholders of SML Isuzu, a company known for manufacturing light and medium commercial vehicles in India. Each equity share targeted in the offer has a face value of INR 10. The acquisition is expected to enhance Mahindra’s portfolio in the competitive commercial vehicle market, aligning with its strategic growth objectives.
Kotak Mahindra Capital Company Limited, in a letter addressed to the BSE Limited and the National Stock Exchange of India Limited, confirmed the submission of the detailed public statement for dissemination on the exchanges’ websites. The letter, signed by Amit Joshi of Kotak Mahindra Capital, underscored the firm’s role in facilitating the open offer process.
This move comes as part of Mahindra & Mahindra’s broader strategy to expand its footprint in the Indian automotive industry, particularly in the commercial vehicle segment, where SML Isuzu holds a notable presence. The open offer is subject to regulatory approvals and compliance with SEBI regulations.