As Suzuki Motor Corporation (the “Company”) announced in its announcement titled “Notice Concerning Change to Sub-subsidiary, etc. of Subsidiary, etc. (change of Suzuki Motor Gujarat, an Indian subsidiary, to a sub-subsidiary)” dated July 31, 2023, Maruti Suzuki India Limited (“MSIL”), a consolidated subsidiary of the Company, resolved at its meeting of the board of directors held on July 31, 2023 that it would acquire all of the shares of Suzuki Motor Gujarat (“SMG”), a wholly owned subsidiary of the Company. Further, as announced in the “Notice regarding the Consideration to be Acquired by Suzuki Motor Corporation in relation to Change to Sub-Subsidiary etc. of Subsidiary etc. (change of Suzuki Motor Gujarat Private Limited, an Indian subsidiary, to a sub-subsidiary) (subscription of shares to be issued on a preferential allotment basis)” dated August 8, 2023, MSIL resolved at the meeting of its board of directors held on such day that it would issue its shares to the Company by way of a preferential allotment as consideration for the acquisition of shares of SMG, and the Company resolved at the meeting of the board of directors held on such day that if shares of MSIL were issued as consideration for the transfer in accordance with the resolution of the board of directors of MSIL, the Company would subscribe to such shares as consideration.
The Company hereby announces that, at a meeting of the board of directors of MSIL held on October 17, 2023, MSIL resolved that it would issue 12,322,514 shares at a price of INR 10,420.85 per share to the Company on a preferential allotment basis as consideration for the acquisition of shares of SMG (total amount of INR 128,411,075,000), and propose to its shareholders to approve such issuance in accordance with Indian law, etc. The Company also resolved at a meeting of its board of directors held on the same day that it would subscribe to shares of MSIL to be issued to the Company by MSIL as consideration for the transfer of shares of SMG from the Company to MSIL.
The issuance of shares to the Company on a preferential allotment basis in consideration of the acquisition of shares of SMG by MSIL is subject to the approvals of the board of directors and shareholders of MSIL and the satisfaction of the other conditions such as approval of the Government of India as necessary.