Jupiter Metal has come out with an open offer to acquire 30 per cent in Kalindee Rail Nirman Ltd, a Rs 257-crore firm in railway civil and electrical construction space, for Rs 24.17 crore. According to an announcement in the BSE, the company set a price of Rs 65 a share for the open offer.
Currently, about 38,000 individual shareholders control 63.75 per cent stake in the company.
Jupiter Metal does not hold any stake in Kalindee Rail. Ashika Capital Ltd is the manager to the offer. The dates of the tendering period of the open offer have not yet been announced.
While Kalindee officials are not willing to comment, Jupiter Metal’s could not be reached.
The offer is conditional, subject to Jupiter getting 26 per cent of the paid-up and voting capital.
Promoters have 15.6 per cent stake in the company. Kotak India Focus Fund has an exposure of 2.42 per cent stake.
Kalindee Rail has worked for firms including Konkan Railway, Rail Vikas Nigam and Delhi Metro. It may be recalled that L&T Capital Company, which bought a stake in the company in 2008-09, had exited in 2010. L&T had then claimed it was a strategic investment and bought 14.9 per cent stake in Kalindee Rail.
Kalindee Rail Nirmal reported a net profit of Rs 8.09 crore for the previous fiscal.
However, for the quarter ended March, it reported a loss of Rs 1.25 crore on revenues of Rs 62.8 crore.