Escorts reported in an exchange filing on April 12 that Rakesh Jhunjhunwala had tendered 3.57 percent equity, or 47,19,362 of his shares of the firm, which probably resulted in the company's stock settling 3.79 percent lower.
As of December 31, 2021, Jhunjhunwala held 5.68 percent stake, or 75 lakh equity shares, in the tractor manufacturing company, sources said. His name is now missing from the list of individual shareholders, who own 1 percent or more, Escorts’s shareholding pattern for Q4 FY22 shows, Moneycontrol.com reported.
This means that Jhunjhunwala, who has held the stock since December 2015, booked profit during the January-March period, the website added.
The stock has been under pressure as its price has fallen over 17 percent in the past five days. The stock touched an intraday low of Rs 1,543 and intraday high of Rs 1,607.45. .
Last month, it was reported that Kubota Corporation had revised the opening and closing dates for tendering of shares for its open offer for Escorts Ltd to acquire an additional 28.42 percent stake from public shareholders.
Under the revised schedule, the date of commencement of the tendering period of the open offer has been fixed at March 14, 2022, and the closure of the same on March 28, 2022, said an intimation by Morgan Stanley India Company Pvt Ltd, the manager of the offer, filed on BSE by Escorts Ltd.
According to the earlier schedule, the date of commencement of the tendering period was fixed at January 11, 2022, and the closure on January 24, 2022.
April 11 was the last date to communicate the acceptance or rejection and payment completion of consideration or equity shares' refund to the shareholders.
