M&M bids for buying stake in Punjab Tractors

Mahindra and Mahindra (M&M) today said it has put in a bid for acquiring stake in Punjab Tractors.

"We have put in a bid for acquiring stake in Punjab Tractors, which is up for sale," Keshub Mahindra, Chairman of Mahindra and Mahindra said.

Adding that, the bid is a non-binding one.

The Burman family, which holds a 14.5% stake in Punjab Tractors, is reported to be interested in selling its stake in the company.

Another major stakeholder Actis has also put in its 29% stake in Punjab Tractors on the block.

The Burmans, promoters of Dabur India, are reportedly interested in selling their stake to the buyer of Actis' stake in the company.