Actis Capital LLP, a UK-based buyout firm, on Tuesday
said that two of its units are making an open offer to
acquire 25 per cent additional stake in Swaraj Mazda Ltd
two units - CDC Agribusiness Management Ltd and South
Asia Regional Fund (SARF) - are seeking to buy 2.62 million
shares of Swaraj Mazda, a commercial vehicle manufacturing
company, for Rs 315 each.
Securities Ltd is managing the share purchase, Actis Capital
said. The cash offer would open on November 23 and close
on December 13, and would be financed through funds received
from CDC Group and its affiliates.
already holds 14.51 per cent (directly and indirectly)
of the equity share capital of SML.
firm, through its entities including CDC-PTL, also owns
28.49 per cent stake in Punjab Tractors, which in turn
holds about 29.04 per cent stake in SML.
whether Actis would like to take management control of
SML after the open offer, a spokesperson said that the
firm has never interfered with the functioning of any
company it has invested in. He added that India was a
"very important" market for the firm.
recently said that it is raising nearly $500 million to
invest mostly in Indian assets.
at Swaraj Mazda had earlier said that Actis was already
helping the company in finding and facilitating new markets
company will be actively targeting the African markets
this year and is planning to increase total export volumes
by over 50 per cent.