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Texmaco Rail & Engineering Ltd revised upwards its open offer price for acquiring 30 per cent stake in Kalindee Rail Nirman (Engineers) Ltd from Rs 68 to Rs 71 a share. The offer is to buy up 49.52 lakh shares.
Kalindee shareholders earlier approved through a postal ballot issue of 41.1 lakh shares Texmaco Rail on a preferential allotment basis at a price of Rs 65.13.
Jupiter Metal Private Ltd in July had announced an open offer for 30 per cent stake in Kalindee at price of Rs 65 a share. Jupiter further revised the offer price to Rs 70 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.
>jayanta.mallick@thehindu.co.in
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