Kalindee falls post initial rally on stake sale to Texmaco

Moneycontrol Bureau

Kalindee Rail shares rallied 6.4 percent intraday Monday as the rail transport infrastructure developer decided to issue 24.90 percent equity shares to Texmaco on preferential basis. However, the stock could not hold gains and started losing in afternoon trade. "... approved the issuance, by way of a preferential allotment, of 41,10,400 equity shares of the face value of Rs 10 each to Texmaco Rail and Engineering such that the post preferential allotment shareholding of Texmaco in the company is approximately 24.90 percent of the paid up equity share capital of the company at a price which shall be Rs 65 per equity share," the company says in a release to the exchange. The allotment of shares to Texmaco is in order to avert Jupiter Metals' plans to acquire 30 percent stake in Kalindee Rail through a conditional open offer. On July 10, Jupiter Metals has submitted to BSE a copy of public announcement to the shareholders of Kalindee Rail Nirman regarding open offer to acquire 37,19,200 fully paid-up equity shares of Rs 10 each in the company, at a price of Rs 65 apiece. At 13:20 hours IST, Kalindee Rail Nirman (Engineers) was quoting at Rs 71.30, down 1.72 percent while Texmaco Rail and Engineering gained 1.7 percent to Rs 38.50.