JSW Infrastructure Ltd., a recently listed entity within the JSW Group, is reportedly in the forefront of the race to acquire logistics service provider Navkar Corp Ltd., according to sources familiar with the matter.
Sources suggest that JSW Infra is actively engaged in the due diligence process of Navkar Corp’s assets, and discussions between the two parties are said to be in advanced stages.
If the deal comes to fruition, it is expected to trigger an Open Offer for Navkar Corp. An Open Offer is a common practice wherein a company, following a substantial acquisition of shares that leads to a change in control, extends an offer to the target company’s shareholders to sell their shares at a specified price.
As of the September quarter, promoters currently hold a 70.45% stake in Navkar Corp.
JSW Infra went public in October 2023, and its shares are presently trading at a significant 75% above their IPO price of ₹119.
Meanwhile, Navkar Corp’s shares are currently trading at the day’s high, reflecting a 4% increase at ₹117.5. Over the last 12 months, the stock has witnessed a substantial uptrend, registering an impressive 80% growth. CNBC-TV18 reached out to the managements of both JSW Infra and Navkar Corp for comments, with JSW Infra refraining from providing any response at this time, and Navkar Corp is yet to revert.