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Japanese tractor major Kubota will increase its shareholding in Nikhil Nanda-led Escorts. Kubota is set to raise its stake via a fresh issue and make an open offer for Escorts at ₹2,000 per share.
“The Board has approved the raising of equity capital aggregating to ₹18,72,74,52,000 through preferential issue of 93,63,726 equity shares (“Proposed Issue”) of face value ₹10 at ₹2,000 per share (including a premium of ₹1,990 for each equity share), to Kubota Corporation, Japan, a company incorporated under the laws of Japan,” the company said in a stock exchange filing.
Also read: Escorts may incur ₹325-crore capex, sees strong pent-up demand for tractors
Kubota currently holds about 9 per cent and the Nanda family holds a little over 36 per cent as of September 2021.
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