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Escorts Shares Hit 52-Week High As Japan's Kubota Increases Shareholding

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Escorts shares were trading over 8% higher on the BSE, following the announcement by Japan's Kubota that it will boost its stake in India's biggest tractor manufacturer. The stock hit a 52-week high during the intra-day trade. Escorts Ltd., founded in 1944, is a Mid Cap business in the Auto Industry with a market capitalization of Rs 21,990.84 crore.

 
Escorts Shares Hit 52-Week High As Japan's Kubota Increases Shareholding

Kubota Corporation said that it has achieved an agreement with Escorts Limited (EL) to enhance its shareholding in EL through a subscription to a third-party preferential primary share allotment and an open offer bid.

The company's yearly sales growth of 21.45% surpassed its three-year CAGR of 11.74%. The stock returned 146.03 percent over three years, compared to 82.45 percent for the Nifty Midcap 100. Over a three-year period, the stock achieved a 146.03 percent return, while the Nifty Auto-generated a 31.44 percent return for investors.

Escorts Limited is a multinational company based in India that engages in the agricultural, construction, material handling, and railway equipment industries. The company's headquarters are in Faridabad, Haryana.

The corporation began operations in 1944 and now has marketing operations in over 40 countries. Tractors, automobile components, railway equipment, and construction and material handling equipment are all made by Escorts.

The Board has approved the raising of equity capital in the amount of Rs 18,72,74,52,000 through a preferential issue of 93,63,726 equity shares of face value Rs 10 at Rs 2,000 per share to Kubota Corporation, Japan, a company incorporated under the laws of Japan, subject to receipt of all necessary statutory and regulatory approvals, including shareholder approval.

Read more about: escorts
Story first published: Thursday, November 18, 2021, 12:25 [IST]
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