Japan's Kubota Corp to acquire 10% stake in Escorts for ₹1,042 cr
The Hindu Business Line|March 21, 2020
Escorts to allot 1.23-crore shares through preferential issue to Kubota at ₹850 per share
Japan's Kubota Corp to acquire 10% stake in Escorts for ₹1,042 cr

Japanese tractor and machinery manufacturer Kubota Corporation has entered into an agreement to acquire 10 per cent stake, on a post-capital reduction basis, in Indian engineering conglomerate Escorts Ltd, for ₹1,042 crore.

Kubota’s investment will constitute 9.1 per cent stake on a precapital reduction or 10 per cent on a post-capital reduction basis. Escorts will allot 1.23 crore shares through a preferential issue to Kubota at ₹850 per share, Escorts said in a regulatory filing.

The price represents a 48.21 per cent premium over the last traded price on March 19. JM Financial was the financial and transaction advisor to Escorts Ltd.

This story is from the March 21, 2020 edition of The Hindu Business Line.

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This story is from the March 21, 2020 edition of The Hindu Business Line.

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