SAM, DMD act on Kubota Corporation acquisition of control in Escorts

Kubota Corporation, Japan (Kubota) has acquired control over Escorts Limited to become a joint promoter along with the existing promoters of Escorts Limited.

The transaction entailed an acquisition of 6.49% of the post issue total issued, subscribed and paid-up share capital of Escorts Limited by Kubota through preferential allotment along with an open offer for acquisition of up to 37,491,556 fully paidup equity shares of Escorts Limited (representing 26% of the expanded voting share capital) and an indirect open offer for acquisition of up to 10,465,000 fully paid-up equity shares of Escorts Finance Limited (a listed subsidiary of Escorts Limited) (representing 26% of the expanded voting share capital), from the public shareholders.

The deal was valued at USD 1.26 billion

Shardul Amarchand Mangaldas advised Kubota Corporation, Japan on the acquisition.

Shardul Shroff, Executive Chairman, provided key strategic inputs and guidance in relation to the transaction.

The Transaction Team was led by Rudra Kumar Pandey (Partner) and assisted by Amanjot Malhi (Partner); Srinivas Anirudh (Principal Associate); Anshul Asri (Senior Associate); Sanyukta Sowani (Senior Associate); Jyoti Gautam (Consultant); Sanya Bahl (Associate); and Akash Deep Singh (Associate).

Various other teams contributed to this deal including Yogesh Chande (Partner) and Kanwardeep Kapany (Principal Associate) from the Securities Law Team. Prashant Saran (Senior Consultant) also provided valuable inputs from securities law perspective.

Aparna Mehra (Partner); Rohan Arora (Partner); Kshitij Sharma (Associate); Ritesh Puri (Associate); advised on competition law aspects

Amit Singhania (Partner); Rahul Yadav (Principal Associate); and Nimish Malpani (Senior Associate), advised on tax aspects.

The Due Diligence Team was led by Rudra Kumar Pandey (Partner) and assisted by Amanjot Malhi (Partner); Srinivas Anirudh (Principal Associate); Anshul Asri (Senior Associate); Sanyukta Sowani (Senior Associate); Jyoti Gautam, (Consultant); Akash Deep Singh (Associate); Shreya Bhatnagar, (Associate); Deepti Pandey (Associate); Tanusmita Ghosal (Associate) and Rachit Grover (Paralegal)

The team was assisted by the following practice teams-

1. Real Estate: Mrinal Kumar (Partner); Shrutikirti Kumar (Partner); Indira Shankar Reddy (Senior Associate); and Arnav Sahni (Associate),

2. Labour & Employment: Pooja Ramchandani (Partner); Suryansh Gupta (Associate) and Harshita Arora (Associate).

3. Litigation: Binsy Susan (Partner); Akshay Sharma (Principal Associate) and Amogh Srivastava (Associate).

4.Environment: Nawneet Vibhav (Partner).

5. Intellectual Property: Apoorva Murali (Principal Associate); Devika Arora (Associate) and Neha Khanduri (Associate).

DMD Advocates advised Escorts Limited and the promoters, including Mr. Nikhil Nanda.

The team was led by Rashi Dhir (Senior Partner & Head of Corporate) assisted by Sumit Sinha (Partner), Saiyam Chaturvedi (Principal Associate), Ashima Dewan (Principal Associate), Divay Rastogi (Senior Associate), Tanay Shah (Senior Associate) and Kishlay Pandey (Senior Associate).

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Mori Hamada and Matsumoto acted as the legal counsel to Kubota.

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