Samvardhana Motherson sees 1.6% equity change hands, Sojitz Corp likely seller

While the buyers and sellers were not known immediately, it was earlier reported that Japan-based Sojitz Corp was looking to sell some stake in the company

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About 100 million shares of Samvardhana Motherson, amounting to 1.6 percent stake, changed hands in early trade on January 17. While the buyers and sellers were not known immediately, it was earlier reported that Japan-based Sojitz Corp was looking to sell some stake in the company.

At 9:30am, the stock was quoting at Rs 77 apiece on the National Stock Exchange, higher by 1.7 percent. Trading volumes at 15.5 million shares were slightly higher than the 20-day average volume of 14.7 million shares. However, the stock cooled off to trade flat in the next 30 minutes.

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According to a CNBC-TV18 report, the floor price of Sojitz Corporation’s deal was about Rs 71 per share, said people in the know of the matter and the deal size was pegged at $92 million.

In October 2022, Sojitz had sold 2.8 percent stake in the auto ancillary company at an average price of Rs 64.53 per share. It had mobilised Rs 826 crore by selling shares through a block deal. In January 2022, the company had demerged its wiring business into a separated listed company.

The company was also in focus after its acquisition of Japan-based Ichikoh Industries’ mirror business at an enterprise value of 5.2 billion yen. The proposed deal is expected to be closed in the next three to five months.

JM Financial has maintained its ‘buy’ rating on the stock with a target price of Rs 115 per share. “The company intends to reach close to $36 billion revenue by FY25. We believe the worst is largely behind for the company. Lower working capital requirement on easing supply chain, higher operating leverage and improving profitability is expected to drive return on capital employed (ROCE) going ahead,” A January 10 report said.

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