Mumbai, July 5 : Mahindra and Mahindra Ltd has increased 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.
M&M acquired 12,151,140 shares of Punjab Tractors at Rs 360 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.
The 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 in an announcement on the BSE.
The above percentages were calculated based on the voting equity capital comprising 60,755,700 shares as on the date of the public announcement, it said.
M&M had also proposed to acquire a 20 per cent stake in Swaraj Engines. According to an announcement on the BSE, the company along with Mahindra Holdings & Finance have managed to acquire just 7,417 shares against the plan to purchase 2,483,964 shares.
Therefore, post-offer M&M now owns 7,417 shares in Swaraj Engines or 0.06 per cent of the total paid-up equity capital of the company.
The stock of M&M Ltd has been rising steadily for the past week. From Rs 707 on June 29, the stock closed at Rs 769.20 today. The stock of Swaraj Engines fell 4.91 per cent to Rs 189.70, while Punjab Tractors fell 0.71 per cent to Rs 281.40.
