Escorts clarifies on news of stake rise by Japan's heavy equipment leader Kubota

Kubota is an existing joint venture partner and also a shareholder of the Company.

Sep 24, 2021 04:09 IST India Infoline News Service

Escorts Ltd has clarified to the exchange on Friday regarding media report titled, “Japan's heavy equipment leader Kubota may raise stake in Escorts”.

In connection with the above the company clarified that, in accordance with the requirements of SEBI and Company’s policy for determination of materiality of events/information, no event has occurred that requires the Company to make any disclosure.

"The news article is speculative and the Company, in compliance with its obligations under law, has refrained to make any comments," said Escorts in a regulatory filing.

Further, as has been previously disclosed, Kubota is an existing joint venture partner and also a shareholder of the Company. The Company and Kubota have pre-existing business relationships.

The Company evaluates opportunities for the development of its business on an ongoing basis, it added.

On Friday, Escorts ended 3.02% lower at Rs1460 per piece on Sensex.

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