GESCO promoters, the Sheth family, is likely to retain 40 per cent of the equity acquired through the open offer route while the remaining 60 per cent would be with Mahindra Realty and Infrastructure Development Limited (MRIDL), company sources said here. Sources said that the Sheth-Mahindra combine would keep only 33.5 per cent of the equity and return the oversubscribed portion back to shareholders, in proportion to the latter's offer. The combine's open offer was in response to Delhi-based AH Dalmia group's hostile takeover bid for 45 per cent of all outstanding shares of GESCO at Rs 45 per share. The Dalmias'takeover threat blew over early this month when the combine reached an amicable settlement with the former under which MRIDL purchased the 10.5 per cent shares (about 30 lakh shares) of the Dalmia group in GESCO at a price of Rs 54 per share on a spot delivery basis. Thus, the joint stake of the Sheth-Mahindra consortium was close to 30 per cent (Mahindras with 17 per cent and Sheths at another 17 percent) before the offer closed on Wednesday. While the public offer of the Dalmias opened on November 24, that of Sheth-Mahindra combine commenced on December 26 and both closes on Wednesday.