ET reported that auto major Mahindra & Mahindra will make an open offer to acquire up to 27% stake in Swaraj Automotives entailing an outgo of up to INR 5.82 crore.

In a filing to the BSE, the company said its board has approved "consolidation of its shareholding in Swaraj Automotives Ltd through a voluntary open offer.”

It said that "The company would be making an open offer to the shareholders of SAL for acquiring up to 647,382 fully paid up equity shares of INR 10 each constituting 27% of the total voting equity share capital of SAL.”

The offer price will be INR 90 per equity share for a total price consideration of not exceeding INR 5.82 crore in accordance with SEBI takeover code.

(Sourced from ET)