The Punjab government has asked prospective buyers for its 23.49 per cent stake in Punjab Tractors Ltd, the country's second largest tractor maker, to submit their financial bids by July 21, 2003.

Sources in the PTL said the Punjab State Industrial Development Corporation, which owns the stake on behalf of the government, has fixed July 21 as the last date for the submission of the financial bids.

They said an intimation to this effect had been sent to the Bombay Stock Exchange and the Securities and Exchange Board of India.

The state government has already completed the due diligence for the divestment in PTL.

Tractor majors like Mahindra and Mahindra, Escorts, New Holland Tractors and John Deere are believed to have submitted their expression of interest for buying the government stake in PTL.

PTL had informed the BSE on Monday, seeking amendment to the Articles of Association, enabling the acquirer to nominate two members on the company board.

The proposed amendment would also empower the PTL directors to elect one amongst them as the chairman in place of the existing provisions, according to which the state industries secretary is the ex-officio chairman of the board.

PTL has reported a 57.7 per cent fall in net profit at Rs 42.3 crore (Rs 423 million) in 2002-03 as compared to Rs 100.02 crore (Rs 1 billion) in the previous year.

Total income fell to Rs 549.6 crore (Rs 5.49 billion) in the last fiscal as against Rs 8,892.07 crore (Rs 88.92 billion) in 2001-02.