M&M hikes stake in Punjab Tractors to 64.6 per cent

06 July 2007

M&M 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.

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.

The 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.

M&M 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.