Escorts stock zooms 8% as Japan's Kubota to raise stake, make open offer

Japan-based Kubota invests Rs 1,874 crore to acquire 9.66 mn shares through preferential route at Rs 2,000 per share

Escorts was trading at a fresh all-time high after Japan-based Kubota Corporation acquired stake in the company.

According to a release issued by Escorts to the BSE, the company has raised Rs 1,872.74 crore by way of preferential issue of 96.64 lakh equity shares to Kubota at Rs 2,000 per share. "Kubota will also make an open offer to the public shareholders of Escorts to acquire up to 26 per cent of the share capital in accordance with SEBI Regulations," Escorts said. READ ABOUT IT HERE

The stock registered a all-time high at Rs 1,793, and