Kubota Corporation revises tendering period of open offer for Escorts

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"The original schedule of activities were indicative (prepared on the basis of timelines provided under the SEBI (SAST) Regulations) and were subject to receipt of relevant approvals from various statutory/regulatory authorities," the filing said.

Under the open offer, Kubota Corporation is making a cash offer to acquire up to 3.75 crore fully paid-up equity shares of face value Rs 10 each at a price of Rs, 2,000 per share representing 28.42 percent of the expanded voting share capital.

In November last year, Escorts Ltd and Kubota Corporation had announced a multi-structured deal under which the Japanese partner would acquire an additional 5.9 percent stake in the Indian firm for Rs 1,872.74 crore, paving the way for the latter to become a majority stakeholder for which it could invest close to Rs 10,000 crore.

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

Under the revised schedule, the last date for upward revision of the offer price and/or the offer size is March 10, 2022. It was originally slated for January 7, 2022.

As per the filing, the last date of communicating the rejection/ acceptance and completion of payment of consideration or refund of equity shares to the shareholders of Escorts is now April 20, 2022, revised from February 15, 2022.