Separately, the Scorpio maker will float an open offer to acquire a 26% stake, equivalent to 37,62,628 shares, at Rs 1,554.6 apiece to comply with market regulations.
The open offer opened on June 19, 2025 and closed on July 2, 2025.
Mahindra Group CEO and Managing Director Anish Shah intends to keep SML Isuzu as a listed entity even after the acquisition process is complete by the end of the ongoing calendar year.”That is a plan right now (to keep SML Isuzu as a listed entity),” Shah had told CNBC-TV18 in an exclusive interaction on April 28.
“I’m not sure whether that will change or why it will change, but we feel that it is important for this to stay as a listed entity and be able to compete in this segment effectively,” he said.
SML Isuzu posted a 6.3% year-on-year (YoY) growth in total vehicle sales at 1,871 units in June 2025, driven by cargo vehicle sales. The company had sold 1,760 units in June 2024.
The company’s cargo vehicle sales rose 41.6% YoY to 480 units in June 2025 from 339 units in the same month last year. However, passenger vehicle sales fell 2% to 1,391 units from 1,421 units in June 2024.
For the first quarter of FY26, SML Isuzu posted a 12.5% YoY jump in total vehicle sales of 4,926 units as against 4,379 units in the corresponding period last year. Cargo vehicle sales during this three-month period rose 46% to 1,282 units from 876 units, while passenger vehicle sales were up 4% to 3,644 units from 3,503 units.
