JSW Infra leading the race to acquire Navkar Corp: Exclusive
CNBC-TV18 has reached out to the managements of both JSW Infra and Navkar Corp. While JSW Infra offered no comments on the query, Navkar Corp is yet to revert.
Recently listed JSW Infrastructure Ltd., part of the JSW Group is leading the race to acquire logistics service provider Navkar Corp Ltd., sources in the know told CNBC-TV18.
JSW Infra is said to be conducting due diligence of Navkar Corp's assets, the sources said, adding that the talks between the two parties is said to be in advanced stages.
In case the deal does materialise, it is likely to trigger an Open Offer for Navkar Corp.
An Open Offer is made by a company to the shareholders of the target company to sell their shares at a particular price. This is done to provide an exit to existing shareholders since there is a change in control of the company through a substantial acquisition of shares.
As of the September quarter, promoters currently hold a 70.45% stake in Navkar Corp.
CNBC-TV18 has reached out to the managements of both JSW Infra and Navkar Corp. While JSW Infra offered no comments on the query, Navkar Corp is yet to revert.
Shares of JSW Infra, which listed in October 2023, are currently trading 75% above their IPO price of ₹119.
On the other hand, shares of Navkar Corp are currently at the day's high, trading 4% higher at ₹117.5. The stock is also up nearly 80% over the last 12 months.
(Edited by : Hormaz Fatakia)
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