Shares of Ashok Leyland surged 3% on Wednesday following reports that the commercial vehicle giant is in advanced talks to acquire the promoter’s stake in SML Isuzu. As of 10:30 AM, the shares were trading 2.79% higher at Rs 215.90.
According to a Moneycontrol report citing sources, negotiations between Ashok Leyland and Japan’s Sumitomo Corporation, the current promoter of SML Isuzu, are at an advanced stage.
Adding to investor anticipation, Ashok Leyland has scheduled an analyst call between 5:15 and 5:45 PM today, as per an exchange filing. The call is expected to provide insights into the company’s strategic outlook and ongoing negotiations.
This development follows an earlier report by CNBC Awaaz, which stated that Mahindra & Mahindra (M&M) was also in discussions to acquire the entire promoter stake in SML Isuzu. Sources had indicated that M&M was evaluating the deal at a price range of ₹1,400 to ₹1,500 per share, which is at a discount to the stock’s current market price.
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