Japan, March 17, 2023– Sumitomo Wiring Systems, Ltd., Japan (hereafter “SWS”) and H.K. Wiring Systems Limited (hereafter “HKWS”), a 100% subsidiary of SWS, jointly hold 17.72% shares of Samvardhana Motherson International Limited (hereafter SAMIL).
Today, SWS has sold 3.4% shares held in SAMIL through ‘bulk deal’ at stock exchange in India as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment.
SWS along with HKWS was holding 17.72% equity shares in SAMIL and 25.34% equity in Motherson Sumi Wiring India Limited (MSWIL). With the above sell-out, SWS’s holding in SAMIL will reduce to 14.32%, while its shareholding in MSWIL will remain unchanged. SWS was first JV Partner of Motherson and is promoter of SAMIL (formerly known as MSSL) since its IPO in 1993. This is first stake dilution of SWS in almost four-decade long relationship.
SWS firmly believes that SAMIL continues to be an aspiring entity with a robust global growth potential ahead. Accordingly, SWS will remain a Promoter in SAMIL SWS will be continuing their long-standing engagement with MSWIL as a principal joint venture partner and will keep supporting MSWIL on evolving technologies and technical know-how. SWS looking forward to continuing its enduring & lasting collaboration with Motherson and Sehgal family.