Escorts Kubota Ltd to purchase Rough Terrain Crane Business from Tadano Escorts India Pvt Ltd

The Board of Directors of Escorts Kubota Limited has approved, the proposal to purchase Rough Terrain (RT) Crane Business and the associated equipment and parts (including spare parts) from Tadano Escorts India Private Limited (TEIPL) for lumpsum consideration of Rs 16.59 Cr. by way of slump sale on a going concern basis.

The board also approved proposal to sell, 7,27,65,000 fully paid-up equity shares of Rs. 10/- each of Tadano Escorts India Private Limited (TEIPL), which constitute 49% stake held by the Company in TEIPL, a joint venture between the Company and Tadano Limited, Japan (Tadano), to Tadano, at Rs. 0.01 Cr and to execute the requisite agreement(s) / document(s).

Shares of Escorts Kubota Limited was last trading in BSE at Rs. 1991.30 as compared to the previous close of Rs. 2014.40. The total number of shares traded during the day was 60950 in over 7745 trades.

The stock hit an intraday high of Rs. 2022.30 and intraday low of 1976.25. The net turnover during the day was Rs. 121659246.00.

Source : Equity Bulls

Keywords

EscortsKubota INE042A01014 Acquisition RoughTerrainCraneBusiness JV