Maruti Suzuki India (MSIL) on Saturday said that the minority shareholders have given a thumbs-up to the acquisition of Suzuki Motor Gujarat (SMG), adding that close to 99 per cent votes were in favour.
“In furtherance to our letter dated October 17, 2023...pertaining to approval of related party transaction and create, offer, issue and allot equity shares on preferential basis for consideration other than cash have been approved by the members of the company with requisite majority,” the company said in a stock filing.
The remote e-voting period began on October 18 at 9:00 a.m. and ended on November 16 at 5:00 p.m. and thereafter, the scrutinizer, Manish Gupta, Partner, RMG & Associates, Company Secretaries submitted his report on the voting results, it said.
In October, the Board of Directors of MSIL had approved the acquisition of 12,84,11,07,500 equity shares of ₹10 each representing 100 per cent paid-up equity share capital of SMG, owned by Suzuki Motor Corporation, Japan (SMC), for a total purchase consideration of ₹12,841.1 crore.
The purchase consideration payable by the company for such purchase of 100 per cent of SMG’s equity shares will be discharged by way of issue and allotment of 1,23,22,514 equity shares of the company having a face value of ₹5 each to SMC, at a price of ₹10,420.85 per equity share, on a preferential basis.