Escorts Finance Plans Delisting If Buyback Is Successful

New Delhi, September 16: | Updated: Sep 17 2003, 05:30am hrs
Escorts Finance Ltd may be delisted from the bourses if its promoter group is able to acquire 20 per cent in the non-banking finance company (NBFC) from the public.

Currently, Escotrac Finance and Investment Pvt Ltd and Escorts Finance Investments and Leasing Pvt Ltd are making an open offer for acquiring 20 per cent stake (80.5 lakh shares) at a price of Rs 10, according to a release from the company.

The offer closes on September 20, 2003. The offer made is in pursuance to conversion of optionally convertible loans from the acquirers into equity shares. This has substantially raised the holding of promoter Escorts Group, triggering the open offer, the release said.

If the open offer goes through successfully, promoters holding in Escorts Finance would increase to 94.87 per cent and the public holding will be 5.13 per cent. This may lead to delisting of the company from bourses like Delhi Stock Exchange, The Stock Exchange, Ahmedabad and The Stock Exchange, Mumbai.