Escorts Promoter's Buy Additional 4% From Reliance Asset Mgmt
by Charmi Gutka
Nanda family - the promoter group of @Escorts_Limited 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.
Along with the merger of Shasun Pharmaceutical with itself, Strides Arcolab also announced the induction of a strategic partner in its greenfield biotech project, Stelis Biopharma. As per the deal GMS Holding will pick up 25.1%s stake in the biotech arm infusing $8.5Mn.
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