Mahindra and Mahindra has hiked its stake in Punjab Tractors to 64.6 per cent
following the completion of an open offer to acquire an additional 20 per cent
in the company.
acquired 12,151,140 shares of Punjab Tractors at Rs360 per share and now holds
38,476,510 shares (63.3 per cent) in the company. In addition, Mahindra Holdings
& Finance has 793,655 shares (1.3 per cent) taking M&M''s total shareholding
to 64.4 per cent.
total valid shares tendered under the offer were 15,948,911 and the total shares
accepted under the offer are 12,151,140 amounting to an acceptance ratio of 76.19
per cent, said M&M.
above percentages were calculated based on the voting equity capital comprising
60,755,700 shares as on the date of the public announcement, M&M said.
had also proposed acquiring a 20-per cent stake in Swaraj Engines. According to
an announcement on the BSE, the M&M along with Mahindra Holdings & Finance
managed to acquire just 7,417 shares against the plan to purchase 2,483,964 shares.