Kalindee Rail Nirman (Engineers) in demand

The company made the announcement after market hours on Thursday, 11 July 2013.

Meanwhile, the S&P BSE Sensex was up 135.62 points, or 0.69%, to 19,811.68.

On BSE, 2.34 lakh shares were traded in the counter as against an average daily volume of 38,666 shares in the past one quarter.

The stock hit a high of Rs 74.80 and a low of Rs 68.15 so far during the day. The stock had hit a 52-week high of Rs 111.70 on 13 December 2012. The stock had hit a 52-week low of Rs 44.15 on 28 March 2013.

The stock had outperformed the market over the past one month till 11 July 2013, rising 19.63% compared with the Sensex's 2.78% rise. The scrip had also outperformed the market in past one quarter, gaining 39.57% as against Sensex's 6.12% rise.

The small-cap company has an equity capital of Rs 12.40 crore. Face value per share is Rs 10.

Jaipur-based Jupiter Metal made an open offer to acquire 37.19 lakh 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 open offer was announced after market hours on Wednesday, 10 July 2013. Shares of Kalindee Rail Nirman (Engineers) surged 11.34% to Rs 68.25 on Thursday, 11 July 2013.

The open offer is conditional, subject to a minimum level of acceptance of 32.23 lakh equity shares, constituting 26% of the paid-up capital of the company, Ashika Capital, the manger of open offer said in a statement.

The board of Kalindee Rail Nirman (Engineers), at its meeting held on Thursday, 11 July 2013, took note of the open offer. In view of this new scenario and sudden development it was decided to further evaluate all options in this context, the company said in a statement.

Kalindee Rail Nirman (Engineers) reported net loss of Rs 1.29 crore in Q4 March 2013 as against net profit of Rs 0.03 crore in Q4 March 2012. Net sales declined 2.36% to Rs 62.82 crore in Q4 March 2013 over Q4 March 2012.

Kalindee Rail Nirman (Engineers) executes railway track, signaling & telecommunication projects on turn key basis.

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