Kalindee Rail slumps 10% after board okays merger with Texmaco

Written by PTI | Mumbai | Updated: May 23 2014, 02:03am hrs
Shares of Kalindee Rail Nirman (Engineers) today slumped 10 per cent after the company said its board approved the merger with Texmaco Rail & Engineering

The company's scrip ended 9.98 per cent lower at Rs 122.20 on the BSE.

At the NSE, the stock settled at Rs 122, down 10 per cent from its previous close.

On the other hand, shares of Texmaco Rail & Engineering gained 10 per cent to end at Rs 108.35 on the BSE.

The Board of Directors of the company at its meeting held on May 21, 2014, have approved a scheme of amalgamation, whereby it shall be amalgamated into and with Texmaco Rail & Engineering, Kalindee Rail had said in a BSE filing yesterday.

The scheme shall result in the amalgamation of the company with effect from April 1, 2014, it had said.