Shares of the north based tractor major edged lower in early trade on Tuesday hit by poor Q4 March 2003 results.
The Punjab government has asked the 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.
Mahindra & Mahindra (M&M), the country's largest tractor company, has acquired the controlling stake in Punjab Tractors Ltd (PTL), the fourth largest tractor firm, outbidding Hinduja group firm Ashok Leyland.
Mahindra & Mahindra Ltd has decided not to participate in the divestment of state-owned Punjab Tractors Ltd.\n\n\n\n
Punjab government on Friday approved the bid made by Commonwealth Development Corporation, a wholly owned investment institution of the British government, to buy Punjab State Industrial Development Corporation's 23.49 percent share in Punjab Tractor
Punjab Tractors Ltd has posted a net profit of Rs 100 million for the quarter ended December 31, 2002 as compared to Rs 266 million in the quarter ended December 31, 2001.
Utility vehicle-maker Mahindra & Mahindra, which agreed to buy 43.3 per cent stake in Punjab Tractors Ltd last week, on Monday made an open offer to acquire an additional 20 per cent in the company.
M&M for sell-off of PSIDC stake in Punjab Tractor
CDC Financial Services and CDC-PTL Holding Ltd have made an open offer to acquire upto 20 per cent equity stake in Punjab Tractors Ltd at Rs 153 per share.
Most of the FDI proposals, cleared by Finance Minister Jaswant Singh pertained to companies in the pharma, tractors and auto sectors.
On Reva, Mahindra says electric cars are an innovation that can disrupt the automobile sector.
Kirloskar Oil Engines files EoI for PSIDC stake in Punjab Tractors
According to sources close to the development, M&M is preparing to sell its 14.04 per cent stake in Swaraj Mazda, it inherited after the acquisition of Punjab Tractors Ltd. While details are being worked out, the sources said, the stake sale could be priced at around Rs 292 per share.
Japanese commercial vehicle major Isuzu is entering the Indian commercial vehicle market through a technical agreement with Swaraj Mazda, the joint venture between Japan's Sumitomo Corporation and Punjab Tractors.
Eicher Ltd has decided to file an Expression of Interest in response to the Preliminary Information Memorandum issued by KPMG for divestment of PSIDC stake in Punjab Tractors.
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