The Mahindras have decided to partner the Sheths of Gesco Corporation and make a joint counter-offer to thwart the hostile takeover bid launched by the Abhishek Dalmia-controlled Renaissance Estates.
The two partners, who sealed an agreement today, will have to make a counter-offer to Gesco shareholders for the full 45 per cent that Dalmia has made, as per the Takeover Code.
The price of the offer will be decided on Tuesday, after Securities & Exchange Board of India clearance is received. Dalmia, if he so chooses, will have the option to withdraw the open offer within 14 days of the Sheth-Mahindra announcement.
After the counter-offer, the stakeholding of the two promoters will be shared in the 3:2 ratio, with the Mahindras
