Maruti board meet on November 24 to okay preferential share issue to SMC

Post the preferential issue of shares, Suzuki Motor Corporation’s equity share in Maruti Suzuki will go up to 58.19 percent from 56.48 percent earlier.

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Maruti Suzuki India Ltd (MSIL) board is set to meet on November 24 to approve the preferential allotment of equity shares to parent Suzuki Motor Corporation (SMC), said the company.

MSIL will consider and approve allotment of 1.23 crore equity shares to SMC, on a preferential basis, said the company in a stock exchange filing. Earlier, in October, the automobile giant had decided to issue and allot 1.23 crore fully paid-up equity shares of Rs 5 each to Suzuki Motor, at a price of Rs 10,420.85 apiece, aggregating Rs 12,800 crore.

On the other hand, SMC has agreed to transfer the ownership of its manufacturing plant in Gujarat to MSIL, for a total value consideration of Rs 12,800 crore.

Post the preferential issue of shares, SMC’s equity share in MSIL will rise to 58.19 percent from 56.48 percent.

Purpose of the issue

“With the growth of the Indian car market and export potential, MSIL would need to increase its production capacity to about 4 million cars per annum by 2030-31, almost double from current levels. This would happen over several locations,” said the company.

It also said that given the carbon neutrality requirements, several powertrain technologies like EVs, hybrids, CNG, ethanol etc. will coexist for a reasonably long period of time.

So, managing the scale and complexity of production with multiple powertrains, under different managements, would pose several challenges. “The Board considered this and decided that for the purpose of efficiency in production and supply chain, it is best to bring all production-related activities under MSIL,” said the company.

Shareholding of mutual funds in MSIL will fall to 11.71 percent from 12.19 percent post-issue. Holdings of foreign institutional investors would also reduce from 21.87 percent to 20.01 percent after the allotment.

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