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Reject open offer for Swaraj group cos

S. Muralidhar

AFTER acquiring about 23.5 per cent of equity in Punjab Tractors (PTL) from the Punjab State Industrial Development Corporation (PSIDC), CDC Group Plc of UK (the erstwhile Commonwealth Development Corporation), through its subsidiaries, is making an open offer to acquire an additional 20 per cent in PTL and it's the three subsidiaries — Swaraj Mazda Ltd, Swaraj Engines Ltd and Swaraj Automotives Ltd.

The open offer prices fixed by the acquirer at Rs 153 per share for PTL, Rs 140 for Swaraj Mazda and Rs 205 per share for Swaraj Engines are much lower the ruling market prices. Shareholders of all the three companies can reject the respective open offers.

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