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Samvardhana Motherson subsidiary approved to acquire 50.1% stake in Rotary for 500 crore rupees
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Business Standard
business-standard.com

Samvardhana Motherson subsidiary approved to acquire 50.1% stake in Rotary for 500 crore rupees

A subsidiary of the auto component manufacturer Samvardhana Motherson International Ltd, namely Samvardhana Motherson Adsys Tech Ltd (SMAST), has received approval to purchase 50.1 percent of the equity capital of Rotary Connectors Pvt Ltd at an enterprise valuation of 500.4 crore rupees.

The Board of Directors of Samvardhana Motherson International approved the deal, which will be executed entirely in cash, according to regulatory filings as of Monday. The transaction is expected to be completed by the end of the 2026-2027 fiscal year.

After the completion of the deal, SMAST will own 50.1 percent of the equity capital of Rotary Connectors Pvt Ltd (RCPL), after which RCPL will become an indirect subsidiary of Samvardhana Motherson International. Meanwhile, the promoters of RCPL will retain 49.9 percent of the equity capital in the company.

According to regulatory documentation, the Board of Directors of Samvardhana Motherson International Ltd (SAMIL) reviewed and approved the acquisition of 50.1 percent of the equity capital in Rotary Connectors Pvt Ltd by Samvardhana Motherson Adsys Tech Ltd, which is a wholly-owned subsidiary of the company, from the existing shareholders of RCPL during its meeting today.

This strategic partnership aligns with the Motherson group's vision for diversification and expansion of its business in the aerospace and defense sectors, particularly in the field of electrical wiring and connection systems.

Rotary Connectors specializes in manufacturing military-grade circular connectors and connection solutions for diverse applications across various sectors, including the aerospace and defense industries.

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International Bank of Azerbaijan (ABB) acquired 51% stake in Davr Bank for 1.65 trillion sums
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uzdaily.uz

International Bank of Azerbaijan (ABB) acquired 51% stake in Davr Bank for 1.65 trillion sums

The International Bank of Azerbaijan (ABB) completed the deal to acquire a 51% stake in Uzbekistan's Davr Bank for 1.646 trillion sums, equivalent to approximately 140 million US dollars.

This transaction was officially formalized on September 10 at the Tashkent Republican Stock Exchange. The acquisition was carried out through six consecutive deals, resulting in ABB purchasing 51 million ordinary shares of Davr Bank at a fixed price of 32,281.28 sums per share.

The completion of the deal was announced on August 23 during a meeting between the President of Uzbekistan, Shavkat Mirziyoyev, and the President of Azerbaijan, Ilham Aliyev. During this meeting, a video presentation of joint projects of the two countries was shown. Both presidents participated in an online ceremony dedicated to the opening and laying of the foundation for Azerbaijani investment projects in Uzbekistan, among which was Davr Bank.

Ilham Aliyev noted at that time that the leading Azerbaijani bank had entered the Uzbek market. A day earlier, the Minister of Economy of Azerbaijan, Mikayil Jabbarov, announced the planned entry of ABB into the banking market of Uzbekistan as part of the fourth Uzbekistan-Azerbaijan Regional Forum in Tashkent.

According to Jabbarov, an agreement was reached between the largest bank in Azerbaijan and the largest bank in the South Caucasus regarding partnership and the purchase of a stake in Davr Bank. He also emphasized the support for the project from the President of Uzbekistan, the regulator, the Central Bank, and the government.

ABB's entry into the Uzbek market coincided with the resumption of trading in Davr Bank shares. On August 27, the Tashkent Republican Stock Exchange reported the resumption of trading in the bank's securities after a five-year absence from the quotation list. The shares, identified by code UZ7050240009, were included in the listing under the ticker DRBK, and trading began on August 28.

Information about ABB's plans to acquire a controlling stake in Davr Bank became known in May. The State Bank of Azerbaijan planned to take control of 51% of the Uzbek bank in the second half of the year and begin operations in the country. The initial valuation of the deal was 100 million US dollars.

In June, Davr Bank shareholders approved the continuation of negotiations with ABB regarding the possible sale of a 51% stake. Davr Bank itself was registered in Uzbekistan in September 2001, and according to the Unified State Register of Enterprises and Organizations, its founders are several private individuals.

The bank's largest shareholder is the Chairman of the Supervisory Board, Lutfulla Ubayev, who owns 46.9% of the shares. Another 13.5% belongs to Mahfiza Ubayeva. The head of Davr Bank is Abdumadjid Samadov.

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