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.

The offer for acquiring upto 1.21 crore (12.1 million) shares of Punjab Tractors opens on September 18 and closes on October 17, 2003, ICICI Securities, manager to the issue, informed the Bombay Stock Exchange on Friday.

The offer is made to all the shareholders of Punjab Tractors other than Punjab State Industrial Development Corporation, the acquirer and person acting in concerts, it said.

The offer is not conditional upon any minimum level of acceptance.

South Asia Regional Fund and Lathe Investment Pvt Ltd are the persons acting in concert with CDC for this open offer.

The open offer follows CDC acquiring 23.5 per cent stake in the country's second largest tractor company from PSIDC as part of the Punjab government's divestment programme last week.