Mahindra fails to pick 20% in Swaraj Engines

Mahindra and Mahindra (M&M) has acquired only 0.06 per cent of the total paid up equity capital in Swaraj Engines through an open offer which ended today. The company had made an open offer to buy 20 per cent of the equity capital of Swaraj Engines.

According to lead manager Kotak Mahindra Capital, the company along with Mahindra Holdings & Finance managed to acquire just 7,417 shares as against the target of 2,483,964 shares.

The offer price of Rs 151 was 25.62 per cent lower than Swaraj Engines' today's

traded price of Rs 189.70 on the Bombay Stock Exchange.

Share price of Swaraj Engines dipped 4.91 per cent to close at Rs 189.70, down by Rs 9.80 against yesterday's closing price of Rs 199.50.

M&M, however, successfully acquired 20 per cent stake in Punjab Tractors (PTL). It now owns 64 per cent stake in PTL. M&M has 38,476,510 shares (63.3 per cent) and Mahindra Holdings & Finance has 793,655 shares (1.3 per cent) in Punjab Tractors.