Navkar Corporation shares rally 8% on report JSW Infra leading race to acquire firm; open offer likely

Shares of Navkar Corporation Ltd gained nearly 8 per cent while those of JSW Infrastructure Ltd edged higher in Thursday's trade in an otherwise weak day for the market amid a media report suggesting the latter was leading the race to acquire Navkar.

As per CNBC-TV18, JSW Infra was conducting due diligence on Navkar assets and that that the tlks between the two are said to be in the advanced stages. The media report further suggested that the Navkar deal could trigger open offer. The promoter group held 70.45 per cent stake in Navkar as of September 2023 end.

Following the development, shares of JSW Infrastructure Ltd rose 0.55 per cent to Rs 209.20 on BSE. Navkar hit a high of Rs 122, up 7.82 per cent. It was later trading 0.97 per cent higher at Rs 114.25.

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