Swaraj Mazda open offer postponed

The open offer of automotive manufacturer Swaraj Mazda, a subsidiary of Punjab Tractors, has been postponed. Priced at Rs 315 a share, the proposed offer was supposed to open today.

Swaraj Mazda had submitted a draft offer letter to the Securities and Exchange Board of India (Sebi) on October 19, on which observations are awaited from the market regulator, ICICI Securities (I-Sec), the manager to the offer, said.

I-Sec informed the Bombay Stock Exchange (BSE) that due to the pending Sebi approval, the offer is deferred till further notice. The revised schedule of the activities pertaining to acquisition of the equity shares of Swaraj Maxda will be announced separately after receiving Sebi's observations, the statement issued to BSE, said.

I-Sec issued the statement on behalf of CDC Agribusiness Management and South Asia Regional Fund (acquirers). The offer was supposed to acquire up to 26,21,675 fully paid equity shares, representing 25 per cent shareholding, of Swaraj Mazda.

Post offer, the CDC group's holding was expected to go up to 40 per cent, if the offer was fully subscribed. The combined holding of the CDC group firms stands at 15 per cent.