Escorts announces over 5.19 crore shares tendered by investors in Kubota open offer

29 Mar 2022 , 12:14 PM

Escorts Limited informed the exchanges Monday that shareholder Kubota Corporation off-market open offer saw investors tendering over 5.19 crore shares against the offer size of 3.74 crore shares, implying an acceptance ratio of 72%.  It also said, 7,379 Equity Shares have been tendered by the Public Shareholders holding Equity Shares in the physical form with the Registrar to the Offer.

The open offer made by Japan’s Kubota Corporation to acquire additional 28.42% stake in the company ended on Monday. Kubota, a Japanese agri-machinery and construction equipment major currently owns 9.09% stake in Escorts.

The company stock was under pressure again and at around 12.16 pm, Escorts Ltd was trading at Rs1,664.80 per share down by Rs29.5 or 1.74% from its previous closing of Rs1,694.30 per share on the BSE.