Texmaco Rail & Engineering has raised its open offer price for acquiring 49.52 lakh shares or 30% stake in Kalindee Rail Nirman to Rs 71 a share from Rs 68 a share. Earlier, Kalindee shareholders approved issue of 41.1 lakh shares Texmaco Rail on a preferential allotment basis at a price of Rs 65.13.
Nevertheless, Jupiter Metal, another company interested in buying 30% stake in Kalindee has also revised the offer price upwards to Rs 70 a share from Rs 65 a share 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.
Texmaco Rail & Engineering is one of India’s leading freight car manufacturers and diversified engineering company. The company is the largest supplier of wagons to the Indian Railways in India with strong in-house capabilities for the design and manufacture of special purpose wagons.
