Kubota increases stake in Escorts to 44.80%; Escorts is now Escorts Kubota

10 Jun 2022 , 01:48 PM

Escorts Limited has received the requisite approvals for change in the name of the company from “Escorts Limited” to “Escorts Kubota Limited” with effect from June 9, 2022.

Escorts and Kubota Corporation has decided to further strengthen their partnership in line with their vision of global leadership in farm mechanization and spreading farming prosperity.

Kubota has increased its stake in Escorts to 44.80% by way of subscription of new equity shares and through an open offer to the public shareholders of Escorts. Kubota also became a joint promoter of the company along with existing promoters. Nikhil Nanda is still the Chairman and Managing Director of the company.

Mr. Nikhil Nanda, CMD, Escorts Kubota Limited, commented on the partnership, “Our partnership with Kubota in Escorts Kubota Limited has been welcomed by all our stakeholders and investors. Consequently, the process was completed smoothly. We are now placed in a position to contribute at significantly higher levels to India and the world’s quest for food security, sustainable agriculture, and smart agriculture.”

At around 1.51 PM, Escorts was currently trading at Rs1,579.70 per piece, up by Rs2.3 or 0.15% from its previous closing of Rs1,577.40 on the BSE.