Escorts slips 8% in two days ahead of closure of open offer by Kubota

Till Friday, March 25, 2022, around 43.62 million equity shares had been tendered in the open offer, against 37.49 million shares proposed by Japan's Kubota Corporation

Shares of Escorts dipped 5.5 per cent to Rs 1,704 on the BSE in Monday's intra-day trade. The stock has fallen 8 per cent in the past two trading days as the open offer made by Japan's Kubota Corporation to acquire additional 28.42 per cent stake in the company ends today. The stock had hit a record high of Rs 1,927 on December 31, 2021.

On November 18, 2021, Escorts' board had announced that Kubota will acquire 37.49 million equity shares or 28.42 per cent of the expanded voting share capital. The open offer price was fixed at Rs