Mahindra to launch open offer for EPC stake on Apr 6
Mahindra & Mahindra will launch an open offer on April 6 to buy an additional 20% stake in micro-irrigation firm EPC Industrie, a notice on Thursday showed.
February 10, 2011 / 11:01 IST
Mahindra & Mahindra will launch an open offer on April 6 to buy an additional 20% stake in micro-irrigation firm EPC Industries, a notice on Thursday showed.
Mahindra is buying a 38% stake in EPC for 269 million rupees (USD 6 million), and is launching the open offer as per the Indian capital market rules.The offer price has been set at Rs 66.55 per share, said the offer manager in the newspaper advertisement on Thursday. That is higher than Rs 66.10 a share Mahindra is paying for the 38-percent stake. The offer closes on April 25.Shares in EPC had closed at Rs 64.15 on Wednesday.Mahindra, India's largest utility vehicles maker, reported a 79% jump in quarterly profit as robust volumes in a fast-growing auto market mitigated higher raw material costs.Mahindra said that the acquisition of EPC was part of its diversification strategy in the agricultural business. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
