CIE Automotive make Rs 207 cr open offers for 2 M&M firms
The three entities have made an open offer worth over Rs 198 crore to acquire about 2.45 crore shares in Mahindra Forgings
New Delhi: Spanish group CIE Automotive's entities have made open offers worth over Rs 207 crore to the shareholders of Mahindra Forgings and Mahindra Composites, as part of its deal with conglomerate Mahindra & Mahindra.
The open offers for acquiring 26 percent stake each in Mahindra Forgings and Mahindra Composites have been made by Participaciones Internacionales Autometal Dos, S.L. Along with Autometal S.A. And CIE Automotive S.A.
The three entities have made an open offer worth over Rs 198 crore to acquire about 2.45 crore shares in Mahindra Forgings. These scrips are proposed to be purchased at a price of Rs 81 apiece, according to a public announcement.
In another announcement, these entities have offered to buy about 11.65 lakh shares in Mahindra Composites for around Rs 8.7 crore. The offer price is Rs 74.70 per scrip.
M&M would be selling its stake in Mahindra Forgings.
In the case of Mahindra Composites, M&M as well as Mahindra Holding would be offloading shares.
Under a multi-layered deal, M&M on June 15 had announced that it would acquire 13.5 percent stake in CIE Automotive for 96.24 million euros.
In turn, M&M would offload stakes in its three group firms to Participaciones Internacionales Autometal Dos, SL, CIE Automotive SA and Autometal, SA.