Texmaco may take control of Kalindee Rail by October

We want to be secured and so we are keen to hike our stake beyond 51%, says company Chairman Saroj Poddar

Saroj Poddar-led Texmaco Rail and Engineering Ltd may take control of Kalindee Rail Nirman (Engineers) Limited by October after the open offer closes by September-end.

"We are waiting for the open offer to complete before taking control," Texmaco chairman Saroj Kr Poddar told PTI.

"With over a 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%," Poddar said.

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.

Texmaco had already bought the Kalindee promoters's 11% stake earlier.

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."

Jupiter Metal, which was also in the race to acquire Kalindee, had already made a counter-offer seeking to acquire 30% for Rs 70 apiece.

The open offer from Texmaco at Rs 68 a share will remain open till September 26, unless extended further.