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Home arrow News arrow Mergers and Acquisitions arrow Punjab Tractors to sell stake in Swaraj Mazda to Sumitomo-Corporation, Japan
Punjab Tractors to sell stake in Swaraj Mazda to Sumitomo-Corporation, Japan Print E-mail
Written by Vijay   
Thursday, 01 January 2009
Mumbai: Punjab Tractors Ltd has anounced that the Company has entered into a Memorandum of Understanding dated December 30, 2008 with Sumitomo Corporation, Japan expressing its intention to sell 14,72,000 equity shares in Swaraj Mazda Ltd to Sumitomo-Corporation, Japan.

The acquisition price for the proposed acquisition would be Rs 272 per share and the date of proposed acquisition by Sumitomo Corporation, Japan would be January 06, 2009.

The transaction is subject to successful conclusion of the Share Transfer Agreement.

The proposed acquisition would fetch around Rs 40.03 crore.

With the transfer of Punjab Tractors' remaining stake of 14.4 % to Sumitomo Corporation, which already has a 39.5 % stake in Swaraj Mazda, its share in the company would exceed 53%.

 
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