Texmaco Rail gains 4% on acquisition of 55% stake in Bright Power

NEW DELHI: Shares of Texmaco Rail Engineering surged over 4 per cent after the company entered a definitive agreement and acquired 55 per cent stake in Bright Power Projects (India) (“Bright Power”).

"Pursuant to such acquisition, Bright Power has become a subsidiary of the company with effect from January 4," the company said in a filing to BSE.

Reacting to the development, the scrip gained 4.87 per cent to hit a high of Rs 153.85.

Bright Power is an EPC company, incorporated on January 10, 1994, which specialises in over-head electrification (OHE) solutions for the railways.