Markets

Escorts receives approvals to change its name to Escorts Kubota Ltd

Farm machinery and construction equipment maker on Thursday said it has received requisite approvals for changing its name to Kubota Ltd.

The name change comes in the wake of Japan’s Kubota Corporation increasing its stake in to 44.8 per cent by subscribing to new equity shares and through

an open offer to the public shareholders of Escorts.

Kubota has also become a joint promoter of the company along with existing promoters, the Nanda family, whose shareholding in the company remains unchanged.

Nikhil Nanda continues to be the Chairman and Managing Director (CMD) of the

company.

“Our partnership with Kubota in Escorts Kubota Ltd has been welcomed by all our stakeholders and investors. As a result, the process was completed smoothly. We are now well poised at a very interesting time in global history to contribute at much higher levels to India and the world’s quest for food security, sustainable agriculture and smart agriculture,” Nanda stated.

Kubota President and Representative Director Yuichi Kitao noted: “We are very

pleased to partner with Escorts Kubota Ltd at a time when we can combine our strengths to provide advanced farm mechanization solutions to address global food security & enhanced farm productivity needs”.

In December last year, shareholders of Escorts Ltd had approved preferential allotment of nearly 94 crore shares to Kubota, as part of a deal, allowing it to become a joint promoter in Escorts.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard,

Digital Editor

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button