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Escorts has no immediate plans to list verticals

Escorts has no immediate plans to list verticals
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First Published: Tue, Jul 05 2011. 11 41 AM IST
Updated: Tue, Jul 05 2011. 11 41 AM IST
New Delhi: Tractor maker Escorts Ltd has taken an “in principle” decision to separately list its big verticals to provide investors a window to choose their preferred businesses, but there is “nothing immediate,” a top executive told Reuters on Tuesday.
“That is one way of unlocking the value and providing capital for the group prospects and opportunities we see within the four segments,” joint managing director Nikhil Nanda said by phone.
Earlier in the day, shares of the company had risen over 3% after the Times of India newspaper reported it will hive off the railway component and auto component businesses as part of a plan to list big business verticals as separate entities.
“There is no specific timeline as of today,” Nanda said.
At 10:30 am, Escorts shares, valued at Rs1,220 crore, were off highs at Rs117.35, up 1.47%.
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First Published: Tue, Jul 05 2011. 11 41 AM IST
More Topics: Escorts | Tractor | Shares | Stock markets | Capital |