New Delhi, May 24: Ssangyong Motor, part of the Mahindra Group, on Thursday said it has received 80 billion Korean won (about R400 crore) from its majority shareholder Mahindra & Mahindra Group in lieu of the new shares offered to the Indian firm.
"...The full payment of 80 billion won for the new shares has been received from its majority shareholder Mahindra & Mahindra Group and that the paid-in capital increase was successfully completed," Ssangyong Motor said.
On February 14, SMC had decided to make a third party allotment (Preferential Offer) to Mahindra to secure investment funds for new products. "The 80 billion won paid-in capital for stock has been received, and the paid-in capital increase has been successfully completed," SMC CEO Lee Yoo-il said.
"As we have secured the funds, we will vigorously proceed with our investments for new product development such as small engines and make all efforts for an early turnaround of the company and improve the corporate value," he added.