Kolkata-based Adventz Group firm Texmaco Rail and Engineering Ltd has entered into a definitive agreement to acquire 24.90 per cent stake in New Delhi-based Kalindee Rail Nirman Engineers Ltd for Rs 26.71 crore ($4.45 million), as per a stock market disclosure. This comes after Om Kothari Group made a voluntary and conditional open offer to acquire a large stake in the company.
Kalindee Rail will allot 4,110,400 equity shares at a price of Rs 65 each to Texmaco on a preferential basis. This will stop just short of the mandatory open offer mark of 25 per cent and will make it tougher for Om Kothari Group to get a large chunk of shares in the firm.
Last week Jaipur-based Om Kothari Group firm Jupiter Metal Pvt Ltd made a conditional open offer to acquire up to 30 per cent stake in Kalindee Rail for Rs 65 per share.
Kalindee Rail’s board met last week to find alternative options to avert the takeover bid by Om Kothari Group.
As of March 31, 2013, the promoters of Kalindee Rail held around 15.63 per cent stake in the company. The preferential allotment to Texmaco will bring the existing promoters holding to around 11.5 per cent.
Texmaco (formerly Texmaco Machines Ltd) is a freight car manufacturing company, headed by group chairman Saroj Poddar. The firm has five manufacturing units.
Kalindee Rail is engaged in railway signaling, telecommunication and track laying and related civil work, including railway electrification. It offers services such as railway signaling installation service, railway track gauge conversion service and road work service.
Another Adventz Group firm Zuari is in the midst of a three-way takeover battle with Pune-based Deepak Fertilisers over Mangalore Chemicals & Fertilizers Ltd, a UB group company.
(Edited by Joby Puthuparampil Johnson) Leave Your Comment