Escorts to receive Rs1,872.74 crore from Kubota Corp after preferential allotment of 93.63 lakh equity shares

21 Feb 2022 , 03:16 PM

Escorts Limited, an agriculture machinery maker, will receive Rs1,872.74 crore from Kubota Corporation as it approved preferential allotment of 93.63 lakh equity shares at Rs2,000 per share. After the allotment, the Japanese tractor maker Kubota Corporation holds a 16.39% stake in Escorts.

After the allotment of Subscription Shares to the Acquirer, the paid-up equity share capital of the Company stands increased from Rs122.58 crore consisting of 12,25,76,878 equity shares of Rs10 each to Rs131.94, crore consisting of 13,19,40,604 equity shares of Rs10 each.

Towards close of trade on Monday, Escorts Ltd was trading at Rs1,860 per share down by Rs0.25 or 0.01% from its previous closing of Rs1,860.25 per share on the BSE.