M&M Increases Stake In Punjab Tractors to 64.6Pc

Mumbai: Mahindra and Mahindra Ltd has hiked its stake in Punjab Tractors to 64.6 per cent following the completion of an open offer to take over an additional 20 per cent in the company. M&M bought 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. 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 had also proposed to buy a 20 per cent stake in Swaraj Engines. The companies along with Mahindra Holdings & Finance have managed to buy 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 Swaraj Engines fell 4.91 per cent to Rs 189.70, while Punjab Tractors declined 0.71 per cent to Rs 281.40.