The Hindu Business Line : M&M sets new timeline for open offers

New Delhi May 21 Mahindra & Mahindra on Monday announced a new schedule for its open offers to buy 20 per cent stake each in Punjab Tractors and Swaraj Engines.

The timeline for the two separate open offers, which were delayed, have been finalised and now open on May 28 and close for subscription on June 16, the manager to the offer Kotak Mahindra Capital Company said.

A release said that the `Letter of Offer' was being finalised and this has led to the original schedule (May 3 to 22) being delayed.

M&M, which proposes to carry out the transactions along with its subsidiary Mahindra Holdings and Finance, had offered to buy 1.21 crore PTL shares at Rs 360 per share.

The open offer price to the shareholders of Swaraj Engines was Rs 151 per share.

Shares of Punjab Tractors on Monday closed at Rs 308.65, up 4.79 per cent from Friday on the Bombay Stock Exchange, while shares of Swaraj Engines traded at Rs 165.

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