Kalpataru offers to acquire 20 per cent in subsidiary JMC Projects
11 Oct 2010
Kalpataru Power Transmission Ltd has made an open offer to acquire 20 per cent equity shares in its subsidiary company JMC Projects (India) Ltd, at Rs207 a share, in cash.
Kalpataru Power Transmission proposes to acquire 52,80,687 fully paid up equity shares of Rs10 each representing 20.22 per cent of the post preferential issue paid up capital consisting of 20 per cent of the emerging voting capital of JMC Projects, Kalpataru said in filing with the Bombay Stock Exchange (BSE).
The offer will open for subscription on 29 November 2010 and close on 10 December 2010, the filing said.
Collins Stewart Inga Pvt Ltd is manager to the offer.
Kalpataru Power Transmission is one of world's leading companies in the design, testing, fabrication, erection and construction of transmission lines and substation structures on a turnkey basis across India and overseas.
The company reported a near 15 per cent rise in its fiscal first quarter (April-June 2010-11) net profit to Rs37 crore and a 10.4 per cent increase in Q1FY11 revenue to Rs538 crore.
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