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M&M ups stake in Punjab Tractors to 64.6%

M&M ups stake in Punjab Tractors to 64.6%
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First Published: Thu, Jul 05 2007. 06 56 PM IST
Updated: Thu, Jul 05 2007. 06 56 PM IST
PTI
Mumbai: Mahindra & Mahindra said on 5 July it has consolidated its stake in Punjab Tractors to 64.6% after completing its open offer to pick up 20% in the company.
Mahindra and Mahindra along with Mahindra Holdings and Finance Ltd had made an open offer to the shareholders of Punjab Tractors for acquiring 12,151,140 equity shares of Rs10 each at Rs360 a share.
Over 12.1 million shares amounting to 20% stake were tendered in the open offer by Punjab Tractors shareholders.
The total valid shares tendered under the offer were 15,948,911 and the total shares accepted were 12,151,140 amounting to an acceptance ratio of 76.19%, M&M told BSE.
With this, M&M along with Mahindra Holdings and Finance Ltd holds over 39.2 million shares, aggregating to 64.6%.
The above percentages are calculated based on the voting equity capital comprising 60,755,700 shares as on the date of the public announcement, M&M said.
Earlier, Mahindra and Mahindra chairman Keshub Mahindra had said that “the company has put in a bid for acquiring stake in Punjab Tractors, which is up for sale.”
The Burman family, which holds 14.5% in Punjab Tractors, is said to be interested in selling out. Another major stakeholder Actis has also put in its 29% in Punjab Tractors on the block.
The Burmans, promoters of Dabur India, are reportedly interested in selling their stake to the buyer of Actis’ stake in the company.
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First Published: Thu, Jul 05 2007. 06 56 PM IST