Escorts share price climbs 12% on report of Kubota Tractor buying stake
Kubota Tractor may buy stake in Escorts at around Rs 750 per share, sources said.
March 20, 2020 / 01:46 PM IST
The share price of Escorts shot up over 12 percent intraday on March 20 after a report said that the US-based Kubota Tractor may acquire 15-20 percent stake in the Indian company.
The deal could be announced soon and Escorts’ board would meet during the day to finalise the deal, CNBC-TV18 quoted sources as saying.
Kubota Tractor may buy stake in Escorts at approximately Rs 750 per share, sources said.
Escorts entered into a 60:40 joint venture with Kubota in December 2018. Both were yet to respond to CNBC-TV18's queries.
The stock was quoting at Rs 638, up Rs 64.50, or 11.25 percent, on the BSE at 1324 hours.
The stock has fallen 37 percent in the last one month, with markets stumbling across the globe on fears of a recession brought by the coronavirus outbreak.