Amtek Auto has made an open offer on Tuesday for over 37.42 lakh equity shares (26 per cent) of Kolkata-based JMT Auto at Rs 149 a share.
The total payout for Amtek if the offer is fully subscribed would be over Rs 55.7 crore and would be paid in cash.
The open offer was triggered when Amtek bought 26.61 per cent stake (over 38.30 lakh shares) from the existing promoter group, Rajeev Singh Dugal, Ku Benefit Trust and RSD Finance Ltd, through a share purchase agreement.
Amtek already owns 35.5 lakh equity shares or 24.66 per cent of JMT.
D & A Financial Services is the manager to the offer. On Tuesday JMT’s shares closed at Rs 122.25 to a share on the BSE, down 2.43 per cent.