Comments
The open offer of Texmaco Rail & Engineering Ltd for Kalindee Rail Nirman (Engineers) shares will begin on November 20.
Texmaco had revised its open offer price to Rs 71 a share from Rs 68 in October to acquire 30 per cent stake in Kalindee Rail Nirman (Engineers) Ltd. The offer is to buy up 49.52 lakh shares.
Shares of Kalindee and Texmaco were ruling flat at Rs 70.05 and Rs 31.2 respectively on the BSE.
Kalindee shareholders had earlier approved through a postal ballot issue of 41.1 lakh shares Texmaco Rail on a preferential allotment basis at a price of Rs 65.13.
The recommendation of the committee of independent directors of Kalindee will be declared on November 18 while the rejection or acceptance of the offer will be communicated to shareholders by December 17.
It may be recalled that in July, Jupiter Metal Private Ltd had announced an open offer for 30 per cent stake in Kalindee at price of Rs 65 a share. Jupiter further revised the offer price to Rs 70 in response to Texmaco’s offer price. Jupiter also said it might revise the offer price or the offer size in response to competing offers.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.