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Mahindra & Mahindra to make open offer for Swaraj Automotives Ltd. |
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Written by Vivek
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Wednesday, 16 November 2011 |
Mumbai: Mahindra & Mahindra Ltd will make an open offer to the Shareholders of Swaraj Automotives Ltd. for acquiring upto 27 percent stake in the company. The Board of Directors of Mahindra & Mahindra at its Meeting held on November 14, 2011, approved the consolidation of its Shareholding in Swaraj Automotives Ltd.
The Company would be making an open offer to the Shareholders of SAL for acquiring upto 6,47,382 fully paid-up Equity Shares of Rs. 10 each constituting 27% of the total voting Equity Share Capital of SAL at an offer price of Rs. 90 per Equity Share for a total price consideration not exceeding Rs. 5,82,64,380 in accordance with the Takeover Code.
The Equity Shares of SAL are listed at the Delhi Stock Exchange Ltd. Mahindra & Mahindra had made an open offer in 2007 for 20 per cent stake in SAL, after it acquired 43.3 percent in Punjab Tractors. |
