Japan's Sumitomo Wiring Systems Ltd., a promoter in Samvardhana Motherson International Limited (BSE:517334), is looking to sell around 6% stake in the company through block deals on March 6, 2024. The stake sale will be worth about INR 45,000 million and JP Morgan and ICICI Securities will act as the bankers on behalf of Samvardhana, ET Now reported. As per the latest shareholding pattern available with the exchanges, Sumitomo has a 14.15% stake in the company, which is a majority held by promoters.

The Japanese promoter company had already sold a 5% stake in Samvardhana Motherson last year. According to some reports, Sumitomo Wiring Systems is looking to make a complete exit from Samvardhana, which will likely happen in phases throughout the year. On March 5, 2024, Samvardhana Motherson stock closed 5.60% higher at INR 126.30 on NSE.