Poddar takeover at Kalindee seems set

The Adventz chief not to join Kalindee; Texmaco bags 36.6% prior to open offer

Adventz chief Saroj Poddar has got an almost unassailable lead in the Kalindee Rail Nirman Ltd takeover. His son, Akshay Poddar, is now likely to play a key role in the new team, while the 67-year-old is going to stay away from taking a berth on Kalindee.

Another name which might play a key role is R Maheswari, who could become the chairman after R D Sharma, erstwhile promoter and chairman of Kalindee, calls it a day. Maheswari is currently executive vice-chairman at Texmaco, a company part of Poddar’s group. Poddar’s confidence comes after the Kalindee shareholders passed a special resolution through postal ballet on August 17 to issue 24.9 per cent fresh equity on a preferential basis to Texmaco. Currently, Texmaco holds about 36.6 per cent in Kalindee, which has put Poddar into the driver’s seat.

Poddar told Business Standard: “Of course, Akshay would play a key role. I want him to play major role on the new venture. A director’s berth for him would be proposed after the open offer is complete and he would be key to the future of this venture.”

According to him, the preferential allotment prior to his open offer in Kalindee Rail had made his situation comfortable enough. Akshay Poddar is an alumnus of the London School of Economics and Political Science, with an honours degree in accounting and  finance.

When asked why the boss would stay away from an active role in Kalindee, Poddar said, “I can’t join every company. Let Akshay do this. I want to have other board members of mine from Texmaco and I am sure they will do a good job. R D Sharma will continue for chairman for some time and then a smooth transition is likely to take place.”

The decision on the new chairman is yet to be taken. It will be finalised after the open offer by Texmaco runs its course but Maheswari, an old associate of Poddar, might be considered.

As told to this newspaper earlier, this takeover would synergise with Texmaco’s overall plan and their product range would become wider. Indian Railways is one of its most important customers.

Texmaco would launch its open offer at a share price of Rs 68 for garnering an additional 30 per cent stake in the company. The Jaipur-based Om Kothari Group had also revised its open offer for a 30 per cent stake at a share price of Rs 70. While the former’s will open on September 13 and close on September 26, Jaipur-based Jupiter Metal will keep its open offer on September 3-17.