Mumbai, April 28 -- Mahindra & Mahindra (M&M) entered into an agreement with the Sumitomo Corporation, Japan, and SML Isuzu for acquiring 63,62,306 equity shares, representing 43.96% of the equity share capital of SML Isuzu. The share would be acquired at Rs 650 apiece and the aggregate consideration for the same would be Rs 413.55 crore.

M&M has also inked an agreement with Isuzu Motors, Japan, for acquiring 21,70,747 equity shares (representing 15% stake in SML Isuzu) for a total consideration of Rs 141.10 crore.

In addition M&M launched an obligatory open offer to acquire up to 26% stake of SML Isuzu from eligible public shareholders. The shares would be acquired at Rs 1,554.60 per share, which is at a discount of 12.01% to the scrip...