Kalindee Rail Nirman (Engineers) is trading higher by 5% to Rs 76.50 after the company said its board has approved a proposal to sell a 24.9% stake to rail wagon maker Texmaco Rail and Engineering at price of Rs 65 per share.
The move is being seen as an attempt to thwart an open offer by Jupiter Metal to acquire at least a 26% stake in Kalindee Rail.
The stock opened at Rs 75.40 and hit a high of Rs 76.90 on BSE. A combined 771,126 shares changed hands on the counter so far on BSE and NSE.
Meanwhile, shares of Kalindee Rail has rallied 29% in past four trading sessions after Jupiter Metal made an open offer to acquire 30% stake in the company for Rs 24.17 crore. The deal is subject to regulatory approvals.
Texmaco Rail and Engineers was trading higher by nearly 4% at Rs 39.30 on BSE.
The move is being seen as an attempt to thwart an open offer by Jupiter Metal to acquire at least a 26% stake in Kalindee Rail.
The stock opened at Rs 75.40 and hit a high of Rs 76.90 on BSE. A combined 771,126 shares changed hands on the counter so far on BSE and NSE.
Meanwhile, shares of Kalindee Rail has rallied 29% in past four trading sessions after Jupiter Metal made an open offer to acquire 30% stake in the company for Rs 24.17 crore. The deal is subject to regulatory approvals.
Texmaco Rail and Engineers was trading higher by nearly 4% at Rs 39.30 on BSE.
