Mahindra and Mahindra on Thursday said it has consolidated its stake in Punjab Tractors to 64.6 per cent after completing its open offer to pick up a 20 per cent stake in the company.
Mahindra and Mahindra along with Mahindra Holdings and Finance Ltd had made an open offer to the shareholders of Punjab Tractors Ltd for acquiring 12,151,140 equity shares of Rs 10 each at Rs 360 per share.Over 1.21 crore shares amounting to 20 per cent 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 under the offer are 12,151,140 amounting to an acceptance ratio of 76.19 per cent, M&M told BSE.With this, M&M along with Mahindra Holdings and Finance Ltd holds over 3.92 crore shares, aggregating to 64.6 per cent.
Read more in The Economic Times article.
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