Escorts is trading higher by 4% to Rs 84.20, extending its previous day’s 5.5% rally after its promoters hiked their holding in the company by acquiring 4% through open market purchases on Wednesday.
“The promoters acquired 4.22 million shares representing 3.99% stake of the company, promoted by Nandas through a family-controlled investment firm called Har Parshad & Company Private Limited at Rs 76 per share, from Reliance Mutual Fund through an open market transaction," the bulk deal data shows.
With this acquisition the promoters holding in the tractor maker increased to over 31%. As on December 2011, promoters held 27.67% in the company.
A combined 4.65 million shares have changed hands on the counter till morning trades on the NSE and BSE.
