Actis’ 29% stake in India’s most profitable farm tractors and forklifts company, Punjab Tractors Limited (PTL), is probably up for sale. Mahindra & Mahindra (M&M) and Tractor & Farm Equipment (TAFE) seem to be the interested parties. The Burman family of the Dabur group, which holds 14% in PTL, may also exit along with Actis.
Actis’ stake is valued at Rs. 410 crores, but the buyer may also have to pay a control premium. It would also have to make an open offer to the remaining shareholders.
Read the complete Economic Times article.
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