New Delhi, JSW Infrastructure on Thursday said it will acquire 70.37 per cent stake in Navkar Corporation for about Rs 1,012 crore, paving the way for its entry into the logistics industry.
The Company has entered into a Share Purchase Agreement with certain promoters and members of the promoter group (Sellers) of Navkar Corporation (Navkar) to acquire 10,59,19,675 equity shares.
At a price of Rs 95.61 per share, this constitutes 70.37 per cent of Target's total equity share capital, according to JSW Infrastructure's filing.
"JSW Infrastructure has agreed to acquire 70.37 per cent stake held by the promoters and promoter group in Navkar through its wholly owned subsidiary JSW Port Logistics," it said.
JSW Port will discharge its payment obligations
The filing said that under the proposed transaction through cash consideration.
Following this, the company will launch an open offer at a price of Rs 105.32 per share to buy additional 26 per cent stake from public shareholders at a total cost of approximately Rs 413 crore, the filing said.
"As per the Open Offer, assuming that the entire 26 per cent is validly tendered and accepted in the Open Offer, JSW Port will acquire 3,91,34,988 equity shares, which will be the target," the filing said. 26% of the total equity share capital of . ,
The company said the acquisition will result in entry into logistics and other value-added services. JSW Infrastructure, a part of the JSW Group, is India's second largest private commercial port operator.
Navcar Corp is engaged in the logistics and cargo transit services industry. It recorded a turnover of Rs 434.87 crore for the financial year 2023-24.
The Company has entered into a Share Purchase Agreement with certain promoters and members of the promoter group (Sellers) of Navkar Corporation (Navkar) to acquire 10,59,19,675 equity shares.
At a price of Rs 95.61 per share, this constitutes 70.37 per cent of Target's total equity share capital, according to JSW Infrastructure's filing.
"JSW Infrastructure has agreed to acquire 70.37 per cent stake held by the promoters and promoter group in Navkar through its wholly owned subsidiary JSW Port Logistics," it said.
JSW Port will discharge its payment obligations
The filing said that under the proposed transaction through cash consideration.
Following this, the company will launch an open offer at a price of Rs 105.32 per share to buy additional 26 per cent stake from public shareholders at a total cost of approximately Rs 413 crore, the filing said.
"As per the Open Offer, assuming that the entire 26 per cent is validly tendered and accepted in the Open Offer, JSW Port will acquire 3,91,34,988 equity shares, which will be the target," the filing said. 26% of the total equity share capital of . ,
The company said the acquisition will result in entry into logistics and other value-added services. JSW Infrastructure, a part of the JSW Group, is India's second largest private commercial port operator.
Navcar Corp is engaged in the logistics and cargo transit services industry. It recorded a turnover of Rs 434.87 crore for the financial year 2023-24.
