Mahindra & Mahindra announces Open Offer for Punjab Tractors at Rs.360 per share

Kotak Mahindra Capital Company Ltd ("Manager to the Offer") for and on behalf of Mahindra & Mahindra Ltd, a company incorporated under the laws of India ("M&M") and Mahindra Holdings & Finance Ltd, a company incorporated under the laws of India ("MHFL") ("Acquirers") acting in concert with each other, has issued this Public Announcement ("PA") to the shareholders of Punjab Tractors Ltd ("Target Company"), pursuant to and in compliance with, among others, regulation 10 & regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto (the "Regulations").

The Offer

The Acquirers propose to acquire, from the existing shareholders, upto 12,151,140 fully paid up equity shares of the Target Company (the "Offer Size") representing 20% of the voting equity capital of the Target Company at a price of Rs 360/- for each fully paid up equity share of the Target Company ("Share") (such price, the "Offer Price"), to be paid in cash in accordance with the Regulations. There are no partly paid equity shares of the Target Company.

Schedule of Activities

Specified Date: March 12, 2007

Date of Opening of the Offer: May 03, 2007

Date of Closing of the Offer: May 22, 2007

In BSE, the Punjab Tractors shares were trading at Rs.309.5.

Source : Equity Bulls

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