Tractor maker Escorts on Thursday said that the company has got the necessary approvals to change the name of the company from “Escorts Limited” to “Escorts Kubota Limited” with effect from June 9, 2022.
The name change comes through a subscription to new equity shares by Japan’s Kubota Corporation to increase its stake in Escorts to 44.8% and an open offer to Escorts’ public shareholders.
Kubota has also become a joint promoter of the company with the existing promoters, the Nanda family, whose stake in the company remains unchanged. Nikhil Nanda continues to be the Chairman and Managing Director (CMD) of the company.
“Our Partnership with Kubota” escorts Kubota Ltd is welcomed by all our stakeholders and investors. As a result, the process was completed smoothly. We are now well prepared at a very interesting time in global history to contribute at a higher level to India and the world’s quest for food security, sustainable agriculture and smart agriculture, Nikhil Nanda said in the release.
Yuichi Kitao, President and Representative Director of Kubota, said: “We are delighted to partner with Escorts Kubota Limited as we harness our strengths to provide advanced farm mechanization solutions to meet global food security and enhanced agricultural productivity needs. can add”.
In November last year, Japan’s Kubota Corporation announced that Kubota and Escorts Limited (EL) have reached an agreement under which Kubota will increase its stake in EL through third party preferential primary share allotment and subscription to open offer bidding by March 31, 2022.
Will issue 93,63,726 equity shares of face value of Escorts at the cost of 10 each 2,000 per equity share on preferential basis to Kubota. After the completion of the open offer and the issue becomes effective, Kubota will become the joint promoter of the company along with the existing promoters, the companies had said.