Selling stakes to Sumitomo exits M&M from Swaraj Mazda

Mahindra and Mahindra is presently decisive to have their stakes back from Swaraj Mazda. Swaraj Mazda is presently one among the brand names of commercial vehicle maker. After quiting from Swaraj Mazda the Mahindra and Mahindra group is well planned to sell its stakes to Sumitomo Corporation one of the major company part in Japan. According to some of the officials the percentage selling of the stakes can be upto 14.04 percent. These stakes which the company is presently planning to sell were earlier taken from Punjab Tractors Ltd. Looking at the details we find that these stakes could cost around Rs.292 per share.
  Earlier in an important move Punjab Tractors sells all their stakes Swaraj Mazda. The stakes were sold in Swaraj Mazda at the Sumitomo Corporation. Sumitomo already owns nearly 39.49 percent of the stakes in tractor and commercial vehicle company, Swaraj Mazda. According to some un-known sources the deal will be a acquisition till by January 6, 2009. Some officials also believes that the deal will be a expected garner of around Rs 40 crore.