Escorts contacted a* that is( high of Rs 1,793.15 after the board of the company approved buying more stake in the company by Kubota Corporation and the* that is( rallied 9 % in intraday currently that is,. November 18.
Shares of Escorts soared more or less 9 percentage in intraday currently
The institution reported in a pr release the fact that the sheet, in the appointment retained on November 18, circulated 93,63,726 collateral reveals with a par value of Rs 10 per communicate to Rs 2,000 per communicate (with reduced of Rs 1,990 per communicate). Approved the discharge of Rs. 1,872 crore to Kubota Corporation, Japan for the speed of Rs.
Now Kubota Corporation increases her collateral stake in truck producer Escorts to 14.99 percentage.
Kubota will need equity that is fresh to be issued by Escorts and will become a joint promoter with the Nanda family, the existing promoters of the company.
AlSo read: Supreme court decision: Online option in CBSE, CISCE term 1 examinations, Decision may come today.
The open offer will be made at Rs 2,000 per share at the same price as the issue that is preferential. After this offer that is open Kubota’s stake in Escorts will increase to 44.80 per cent.
As per the BSE shareholding pattern as of the quarter ended September 2021, Kubota Corporation currently holds 9.09 per cent stake in Escorts.
The Board has approved the conversion of the name of the Company from “Escorts Limited” to “Escorts Kubota Limited” or any other name bearing the trade names of “Escorts” and “Kubota”. However, this would require the approval of the* that is( (“CRC”), ROC and various regulative experts.
JM Financial served as Financial Advisor to Escorts Ltd.
Today at 11:58 evening, the Escorts stock seemed to be transacting at Rs 1,767.95 or Rs 137.80 or upwards 8.45 % on the BSE.