SML Isuzu board approves name change to SML Mahindra

Commercial vehicle manufacturer SML Isuzu Limited on Tuesday (August 19) said its board of directors has approved a change in the company’s name to SML Mahindra Limited.The approval follows the receipt of a name reservation from the Registrar of Companies (Central Registration Centre, Ministry of Corporate Affairs). The change also involves consequential amendments to the company’s Memorandum of Association and Articles of Association.

The company noted that the change of name will be effective only after receiving approval from shareholders at the upcoming Annual General Meeting (AGM) and other applicable statutory authorities.

Also Read: Mahindra & Mahindra completes ₹555 cr acquisition of SML Isuzu, eyes 20% CV market share by FY36In April this year, the Mumbai-based automaker Mahindra & Mahindra said it would acquire the entire stake of 43.96% held by Sumitomo Corporation, promoter of SML, and separately acquire a 15% stake held by Isuzu Motors, public shareholder of SML, for an aggregate consideration of ₹

555 crore.

Besides, the automaker said that it will make an open offer to acquire a 26% stake in SML Isuzu in accordance with Sebi takeover rules. This acquisition is aligned with the company’s capital allocation strategy for investing in high-potential growth areas, which have a strong right to win and have demonstrated operational excellence.

Incorporated in 1983, SML Isuzu has a presence in the trucks and buses segment.

Mahindra & Mahindra is the flagship company of the Mahindra group. It is engaged in the automotive, farm equipment, agricultural products and services sector, etc.

Also Read: SML Isuzu Q1 Results: Stock ends in 10% upper circuit, extends gains from open offer price

Shares of SML Isuzu Ltd ended at ₹3,998.00, down by ₹112.55, or 2.74%, on the BSE.