L&T Capital raises stake in Kalindee Rail to 13.9 pct
MUMBAI, Nov 19 (Reuters) - L&T Capital Co Ltd has acquired an additional 8.3 percent in Kalindee Rail Nirman (Engineers) Ltd (KALI.BO: Quote, Profile, Research) raising its stake in the latter to 13.9 percent, according to data filed with the stock exchange.
This is below the 15-percent limit prescribed by the takeover code, under which an acquirer will have to make an open offer for an additional 20 percent of the target firm's shares when its stake in the firm hits 15 percent. Kalindee shares are up 13.5 percent at 152.10 rupees in a firm Mumbai market. (Reporting by Bharghavi Nagaraju; editing by Sunil Nair)
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