The battle for buying a controlling stake in Kalindee Rail Nirman (Engineers) Ltd has intensified with Jaipur-based engineering and construction company Jupiter Metal Pvt. Ltd raising the offer price for its hostile bid. The company has increased its open offer price to Rs 70 per share from Rs 65 to buy 30% of Gurgaon-based Kalindee Rail in order to counter an offer made by Kolkata-based rail wagon maker Texmaco Rail and Engineering Ltd’s at a price of Rs 68 a share. On 20 July, Texmaco Rail had decided to offer to buy a 30% stake in Kalindee Rail from shareholders after buying out the entire promoters’ stake of 11.74% in the firm. Texmaco Rail currently owns 36.64% stake in Kalindee Rail and is looking to acquire more via the open offer. On 13 July, Kalindee Rail decided to sell 24.9% of equity through preferential allotment of shares to Texmaco Rail at Rs.63.13 per share to preempt Jupiter Metal’s hostile bid.
Earlier Kalindee Rail decided to sell 24.9% of equity through preferential allotment of shares to Texmaco to preempt Jupiter Metal’s hostile bid.