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CDC Agribusiness Management Ltd, Actis India Fund and Associates are making an open offer to shareholders of Swaraj Mazda Ltd, a light commercial vehicle company in Punjab, to acquire up to 25 per cent stake for Rs 315 per share aggregating Rs 82.58 crore (Rs 825.8 million).
The cash offer for 2.621 million shares would open on November 23 and close on December 13, 2004, ICICI Securities Ltd, manager to offer, said in a public announcement on Tuesday.
The offer was not conditional upon any minimum level of acceptance, the announcement said.
The offer would be financed through funds received by CDC Agribusiness from CDC group and its affiliates, it said.
The associates of CDC Agribusiness include CDC Financial Services (Mauritius) Ltd, CDC-PTL Holdings Ltd, CDC Group Plc, Actis India Investments and Actis South Asia Fund II, it said.
The acquirers would not dispose off any assets of Swaraj Mazda in two years except during the ordinary course of business, it added.