L&T Capital raises stake in Kalindee Rail to 13.9%

L&T Capital raises stake in Kalindee Rail to 13.9%

Mumbai: L&T Capital Co Ltd has acquired an additional 8.3% in Kalindee Rail Nirman (Engineers) Ltd raising its stake in the latter to 13.9%, according to data filed with the stock exchange.

This is below the 15% limit prescribed by the takeover code, under which an acquirer will have to make an open offer for an additional 20% of the target firm’s shares when its stake in the firm hits 15%. Kalindee shares are up 13.5% at Rs152.10 in a firm Mumbai market.

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