Hike in open offer price shores up Swaraj Mazda

DALAL STREET SPIKES

Shares of Swaraj Mazda closed up 0.81 per cent at Rs 381.05 after Actis upped the open offer price to Rs 400 per share from the earlier Rs 315 per share.

The stock, opening at Rs 375, went to a high of Rs 387 in the intra-day trades. The counter saw volumes of the order of 30,961 shares on the BSE.

Actis, which held a stake in Swaraj Mazda through Punjab Tractors, had increased its stake to the 15 per cent trigger limit through secondary market purchases and it is making an open offer for a further 20 per cent stake in the company.

Punjab Tractors has around 29 per cent stake in Swaraj Mazda, while Actis had acquired the Punjab government's 24 per cent stake in Punjab Tractors. Originally the offer was to commence on November 23, 2004.