SAIC Motor Group (600104.SH) issued an announcement to further promote the company's international business strategy and seize the Indian market...
Zhitong Finance App News, SAIC Motor Group (600104.SH) issued an announcement. In order to further promote the company's international business strategy, seize opportunities for rapid development in the Indian market, continue to increase the MG brand's share in the Indian market, and effectively prevent operating risks, the company's holding subsidiary MGI plans to introduce local investors in India to create more favorable conditions for achieving sustainable and healthy development through synergies. The company's holding subsidiary MG Motor India Pvt. Ltd. (MGI for short) plans to introduce investors such as JSW Ventures Singapore Pte.Limited (JSW Singapore for short) through equity transfers and capital increases.
Among them, JSW Singapore subscribed for 1,012 billion MGI shares held by the company's subsidiary SAIC Motor Hong Kong Investment Co., Ltd. for 26.51 billion Indian rupees (about 2,256 million yuan), and subscribed for an additional 354 million shares issued by MGI for 9.26 billion Indian rupees (about 788 million yuan). The total shareholding ratio after the transaction was completed was 35%; IndoEdge India Fund (hereinafter referred to as IIF) subscribed for additional MGI shares with 8.18 billion Indian rupees (about 696 million yuan) 312 million shares, with a shareholding ratio of 8%; Dealer Trust subscribed MGI's additional 117 million shares with 3.07 billion Indian rupees (about 261 million yuan), with a shareholding ratio of 3% after the transaction was completed; the employee shareholding plan used 5.11 billion Indian rupees (about 435 million yuan) to subscribe for 195 million additional shares issued by MGI, with a shareholding ratio of 5% after completion of the transaction.
According to reports, JSW Group is an Indian multinational enterprise headquartered in Mumbai, listed on the Indian Stock Exchange, and is a subsidiary of O.P. Jindal Group. JSW Singapore was established specifically for this transaction. Its parent company is JSW International Tradecorp Pte.Ltd., founded in 2013 with a registered capital of US$20.4 million, mainly engaged in the import and export business of metals and minerals. As of the end of September 2023, its net assets were US$260 million.