Kalindee Rail Nirman (Engineers) has approved a proposal to sell a 24.9 per cent stake to Texmaco Rail and Engineering Ltd, a listed, wagon manufacturing company.
The deal is subject to regulatory approvals.
The move is being seen as an attempt to thwart an open offer by Jupiter Metal to acquire at least a 26 per cent stake in Kalindee Rail. The acquisition will be priced at Rs 65 a share or higher. At this price , Texmaco will have to pay Rs 26.7 crore to Kalindee Rail for the 24.9 per cent stake.
The boards of Kalindee Rail and Texmaco Rail met on Saturday and took the decision, according to information filed with the Bombay Stock Exchange (BSE).
The promoters of Kalindee Rail have a 16 per cent stake in the company.
JUPITER’S OPEN OFFER
The move comes within four days of Jupiter Metals coming out with its open offer for Kalindee Rail.
Jupiter Metals itself is backed by another listed firm, OM Metals Infraprojects Ltd.
Jaipur-based OM Metals, a Rs 372-crore listed firm, has mentioned Jupiter Metal as an enterprise over which “significant influence is exercised by directors”, in its annual report for fiscal 2012 . E-mails sent to OM Metals remained unanswered.
Since Wednesday, when Jupiter Metals issued its open offer to acquire a 30 per cent stake at Rs 65 a share, the Kalindee Rail stock has been steadily moving up.
Kalindee’s shares, which were trading at Rs 59.8 apiece on Tuesday on the BSE, touched Rs 61.3 on Wednesday. On Thursday, the stock closed at Rs 68.25 and gained 6.3 per cent on Friday to touch Rs 72.55.