Mahindra & Mahindra (M&M) has decided to hike stake in Ssangyong Motor Company(SYMC), a listed subsidiary of the company, by subscribing 1,18,90,606 equity shares of SYMC at a price of KRW 4,205 per equity share aggregating KRW 50 billion (equivalent to around Rs 316.5 crore). Accordingly, the shareholding of the company in SYMC would increase from 72.46% to 74.65%.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.