Mahindra & Mahindra announces Post Open Offer Shareholding Status of Punjab Tractors

Kotak Mahindra Capital Company Ltd ("Manager to the Offer"), on behalf of Mahindra & Mahindra Ltd (M&M) & Mahindra Holdings & Finance Ltd (MHFL) ("Acquirers") has issued this Post Offer Public Announcement ("PA") to the shareholders of Punjab Tractors Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated March 12, 2007, Corrigendum to PA dated May 03, 2007, Corrigendum to PA dated May 18, 2007 & Corrigendum to PA dated May 21, 2007, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("Regulations"), to acquire 12,151,140 fully paid up equity shares of Rs 10/- each, representing 20% of the outstanding voting equity capital of the Target Company at a price of Rs 360/- per fully paid up equity share, payable in cash.

The details of acquisition are as under:

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Item				Proposed in the 		Actual
				Letter of offer
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1. Offer Price			Rs 360 				Rs 360
(per fully paid up equity share)
2. Shares acquired in the
open offer (No & %)
i. M&M				12,151,140 (20%)		12,151,140 (20%)
ii. MHFL							Nil
Total				12,151,140 (20%)		12,151,140 (20%)
3. Post offer Shareholding
of Acquirer (No & %)
i. M&M				39,270,165 (64.6%)		38,476,510 (63.3%)
ii. MHFL							793,655 (1.3%)
Total				39,270,165 (64.6%)		39,270,165 (64.6%)
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The above percentages are calculated based on the voting equity capital comprising 60,755,700 shares as on the date of PA.

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%.

Source : Equity Bulls

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