Navkar Corporation rose 0.92% to Rs 113.18 on the BSE.
Navkar Corporation is a logistics service provider, offering a range of services across the logistics supply chain, ranging from transportation services (through a rail terminal facility and container train operation), consolidation/de-consolidation before export or import (at container of freight stations at Panvel), to storage (at inland container depots) and warehousing services. It provides a wide range of customised, technology-enabled integrated logistics solutions and corporate mobility services.
JSW Port will acquire 10,59,19,675 equity shares, constituting 70.37% at Rs 95.61 per share of the Navkar Corporation. Pursuant to the open offer, assuming the entire 26% is validly tendered and accepted in the open offer, The company will acquire 3,91,34,988 equity shares, constituting 26% at Rs 105.32 per share of the Navkar Corporation.
The acquisition will result in the company's foray into logistics and other value-added services. It will facilitate the business to offer improved port connectivity and streamlined supply chain solutions to its customers. The acquisition also marks a first step towards the company?s long-term vision of building and scaling an efficient pan-India logistics network for last-mile connectivity.
Navkar Corporation required prior approval of the relevant railway administration of the Ministry of Railways, Government of India, for change in control on account of the proposed transaction, in accordance with certain concessions granted by Ministry of Railways to target to run container trains on category I and category II routes and such other regulatory approvals which may become applicable for consummating the proposed transaction.
The acquisition will be completed within 45 days of completion of the conditions precedent, receipt of regulatory approvals and the closing action items under the share purchase agreement.
Meanwhile, the company has received Letter of Acceptance (LoA) from Southern Railway, Chennai Division for construction & operation of Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu.
The domestic order involves contract for construction & operation of Gati Shakti MultiModal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu entirely on Railway Land.
The company will commence construction within 3 months of the grant of approval of construction, and complete construction within 18 months of the grant of approval of construction of GCT. The Railway land shall be licensed for a period of 35 years.
The JSW Infrastructure entered into stock market on 3 October 2023, the counter listed at Rs 143, exhibiting a premium of 20.17% to the issue price, Rs 119.
JSW Infrastructure a part of JSW Group, is the second largest commercial port operator in India in terms of cargo handling capacity. It develops and operates ports and port terminals pursuant to port concessions.
On consolidated basis, JSW Infrastructure reported 9.84% rise in net profit to Rs 330.01 crore in Q4 FY24 as against Rs 300.44 crore recorded in Q4 FY23. Revenue from operations grew by 19.78% year on year to Rs 1096.38 crore in the quarter ended 31 March 20224.
The scrip hit a life-time high at Rs 336 in today?s intraday session.
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