Kubota Corporation (TSE:6326) made an offer to acquire 26% stake in Escorts Finance Limited (BSE:511716) for INR 51 million on November 18, 2021. As per terms of transaction, Kubota Corporation will acquire 10.465 million shares at INR 4.87 per share. The Offer Price will be paid in cash by the acquirer. As of April 27, 2022, the offer price per share extended to INR 5.08. In a related transaction, Kubota Corporation entered into a Share Subscription Agreement to acquire 6.49% stake in Escorts Finance Limited on November 18, 2021. The transaction is subject to the approval of RBI. The transaction is approved by the competition commission of India. As of June 2, 2022, the independent directors committee of Escorts Finance unanimously recommended the offer. The transaction is expected to close between mid November 2021 to late March 2022. As of April 27, 2022, the offer period is expected to close on June 20, 2022. As of May 27, 2022, the offer period is expected to close on June 17, 2022. Satyam Singhal and Sachin Wagle of Morgan Stanley India Company Private Limited acted as manager to Kubota Corporation. Murali Krishna of KFin Technologies Private Limited acted as registrar to Kubota Corporation. Transaction Square LLP provided fairness opinion to independent directors committee of Escorts Finance.

Kubota Corporation (TSE:6326) completed the acquisition of .011051% stake in Escorts Finance Limited (BSE:511716) for INR 0.02 million on June 17, 2022.