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Texmaco Rail and Engineering Ltd said the share-tendering period for its open offer for Kalindee Rail Nirman (Engineers) Ltd would begin on September 13.
ICICI Securities Ltd, manager to the open offer for Texmaco Rail, said on Monday that the offer would close on September 26. Texmaco Rail had announced the offer on July 20 for 30 per cent (49.52 lakh shares) stake at Rs 68 a share in the target company.
Texmaco Rail’s offer comes after its acquisition of 15.61 per cent stake at Rs 65 a share. It is also a competing offer against another conditional open offer from Jupiter Metal Pvt Ltd.
Jupiter, which initially offered a price of Rs 65 a share for 30 per cent stake, revised it upwards to Rs 70 a share and topped Texmaco’s offer price. Jupiter’s offer is conditional on a minimum of 26 per cent acceptance by the shareholders of Kalindee.
On Monday, the shares of Kalindee closed 0.40 per cent lower at Rs 75.40 on the BSE.
jayanta.mallick@thehindu.co.in
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