Japan's Kubota Corporation has 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.

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Under the revised schedule, the date of commencement of the tendering period of the open offer has been fixed on 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 on January 11, 2022, and the closure on January 24, 2022.

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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.

(Edited by : Jomy Jos Pullokaran)