MUMBAI: Tractor major Mahindra & Mahindra on Thursday said that its shareholders have approved the amalgamation of Punjab Tractors with itself.
The equity shareholders of the company, at its court convened meeting held on October 29, have approved the scheme of amalgamation, Mahindra & Mahindra said in a filing to the Bombay Stock Exchange.
Earlier in July this year, Mahindra & Mahindra had received Bombay High Court approving the scheme of amalgamation of Mahindra Holdings & Finance with Mahindra and Mahindra and their respective shareholders and other consequential matters.
Mahindra Group last year acquired 64.64 per cent stake in PTL for over Rs 1,400 crore.
In July this year, the Board of Directors of M&M and PTL had approved the scheme of amalgamation of Punjab Tractors Limited (PTL) with Mahindra & Mahindra Limited.
After the merger, PTL as a company would cease to exist.
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