Kalindee Rail Nirman (Engineers) has rallied nearly 10% to Rs 74.80, extending its previous day’s 11.3% surge on BSE after Jupiter Metal made an open offer to acquire 30% stake in the company for Rs 24.17 crore.
The counter has seen a huge trading activities with a combined 1.07 million shares have changed hands till noon deals against an average sub 300,000 shares that were traded daily in past two weeks on BSE and NSE.
Ashika Capital, the manger of open offer in a BSE filing said Jupiter Metal has made an open offer to acquire 3.72 million equity shares of Rs 10 each, constituting 30% of the paid-up capital of Kalindee Rail Nirman (Engineers) at price of Rs 65 per share.
The offer is subject to a minimum level of acceptance of 3.22 million equity shares constituting 26% of the paid-up and voting capital of the company, it added.
Meanwhile, the board of Kalindee Rail at its meeting held on July 11 took note of open offer announcement and decided to further evaluate all options in this context.
Currently, about 38,000 individual shareholders control 63.75% stake in the company. Promoters have 15.6% stake, while Jupiter Metal does not hold any stake in Kalindee Rail.
The counter has seen a huge trading activities with a combined 1.07 million shares have changed hands till noon deals against an average sub 300,000 shares that were traded daily in past two weeks on BSE and NSE.
Ashika Capital, the manger of open offer in a BSE filing said Jupiter Metal has made an open offer to acquire 3.72 million equity shares of Rs 10 each, constituting 30% of the paid-up capital of Kalindee Rail Nirman (Engineers) at price of Rs 65 per share.
The offer is subject to a minimum level of acceptance of 3.22 million equity shares constituting 26% of the paid-up and voting capital of the company, it added.
Meanwhile, the board of Kalindee Rail at its meeting held on July 11 took note of open offer announcement and decided to further evaluate all options in this context.
Currently, about 38,000 individual shareholders control 63.75% stake in the company. Promoters have 15.6% stake, while Jupiter Metal does not hold any stake in Kalindee Rail.
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