Shares of Texmaco Rail & Engineering gained as much as 4.87 per cent after the company announced the acquisition of 55 per cent stake in Bright Power Projects.
In September, Texmaco Rail & Engineering Board had approved the acquisition of 76 per cent stake in Bright Power Projects for Rs 100 crore. Texmaco Rail & Engineering had then said that the acquisition will be funded out of the internal accruals of the company.
Bright Power Projects is an engineering procurement and construction (EPC) company that provides overhead electrification (OHE) solutions to the Indian Railways. Bright Power had a turnover of Rs. 78 Crores and a net profit of Rs. 6 Crores for the financial year 2014 - 15. Bright Power has a current order book of about Rs. 600 Crores.
This acquisition will help Texmaco Rail & Engineering to strengthen its position as a total rail solutions provider company, said the railway freight, car and equipment manufacturing company in a BSE filing.
Shares of Texmaco Rail & Engineering ended 3.61 per cent higher compared to a 0.17 per cent fall in Sensex.