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Mergers & Acquisitions | 20 April 2012

Escorts Promoter's Buy Additional 4% From Reliance Asset Mgmt

by Charmi Gutka
Escorts Promoter's Buy Additional 4% From Reliance Asset Mgmt
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Nanda family - the promoter group of Escorts Group have bought additional 4% stake in the company from Reliance Asset Management for R32Cr through a bulk deal on BSE. The promoters bought 4.2mn shares for R76 per share.

This deal takes the promoter group holding to 31.67% from 27.67%. Reliance Asset Management's stake in the company has come down to 4%.

Escorts Limited was incorporated as Escorts (Agents) Pvt Ltd in Lahore in 1944. It started off by manufacturing tractors under the Escorts brand name in the 25-40 horsepower range. In 1969, It promoted Escorts Tractors Limited as a JV with Ford Motor Company for the manufacture of Ford Series of tractors in the 40-50 HP range. Escorts acquired the entire equity stake of Escorts Tractors in August 1995.

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