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Texmaco Rail, which is reportedly planning to acquire 60-65% stake in Kalindee Rail, is also looking to acquire full control of Kalindee Rail. The company plans to invest Rs 100 crore for Kalindee's stake buy and capex.

Meanwhile, ICICI Securities (Manager to the Open Offer) has made a Public Announcement regarding Open Offer for acquisition of up to 49,52,280  fully paid-up equity shares from the public shareholders of Kalindee Rail Nirman  (Target Company) by Texmaco Rail & Engineering (Acquirer) at a price Rs 68 a share, which, interestingly is higher than Jupiter Metal’s conditional open offer price for a 30 per cent stake at Rs 65 per share.

However, Kalindee Rail Nirman (Engineers) has moved a special resolution relating to the issue of shares on a preferential basis to Texmaco Rail and Engineering. The current promoters, who hold a 15.6 per cent stake in the company, are bringing in Texmaco Rail as a white knight to stymie an unsolicited takeover bid by Jupiter Metal. The shareholders would have to respond through a postal ballot by August 16.

Peers
Company Name CMP
Larsen & Toubro 4094.95
Rail Vikas Nigam 303.10
NCC 161.30
KEC International 580.10
Kalpataru Projects 1232.90
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