Texmaco may run Kalindee by October
Saroj Poddar-led Texmaco Rail and Engineering may take control of Kalindee Rail Nirman (Engineers) Ltd by October.business Updated: Aug 20, 2013 23:07 IST
Saroj Poddar-led Texmaco Rail and Engineering may take control of Kalindee Rail Nirman (Engineers) Ltd by October.
"We are waiting for the open offer to complete before taking control," Texmaco chairman Saroj Kr Poddar said. "With over 36.6% stake, we are at a comfortable position in Kalindee."
"But we want to be secured and so we are keen to hike our stake beyond 51%," he added.
He said the company crossed a major hurdle after shareholders had approved special resolution through postal ballots to issue 24.9% fresh equity on a preferential basis to Texmaco.
Though Poddar expects that the open offer for an additional 30% stake will be a success, the same is not linked to taking control in the railway infrastructure company.
Asked whether Texmaco will revise the open offer price from Rs 68 a share, Poddar said, "We have lot of time, we will decide later if required."
The open offer from Texmaco at Rs 68 a share will remain open till September 26, unless extended further.