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Mumbai, May 21 (UNI) Mahindra&Mahindra (M&M) today announced new schedule for its open offers to buy 20 per cent stake each in Punjab Tractors (PTL) and Swaraj Engines.

The timeline for the two separate open offers have been finalised. The offers now would open on May 28 and close for subscription on June 16, according to the Kotak Mahindra Capital Company, the manager to the offer.

The 'Letter of Offer' was being finalised and this led to original schedule (May 3 to 22) being delayed.

As per the proposals, the M&M would like carry out the transactions along with its subsidiary Mahindra Holdings and Finance, and had offered to buy 1.21 crore PTL shares at Rs 360 per share.

In the case, full subscription of the offer, M&M likely to gain 63.3 per cent stake of the company since it has already agreed to buy 43.3 per cent stake in PTL from private equity firm Actis and Mohit Burman.

The open offer price to the shareholders of Swaraj Engines was Rs 151 per share.

Swaraj Engines is a joint venture between PTL and Kirloskar Oil Engines. If fully subscribed, the open offer would cost M&M nearly Rs 37.49 crore.

UNI