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.
DealCurry tracks financial and corporate markets for events, interprets and integrates the information in our platform, providing premium data, news and analytics. DealCurry provides comprehensive coverage of the capital markets through an intuitive, user-friendly interface.