Kesoram Industries expected to witness ownership change as Frontier Warehousing proposes launching open offer

Kesoram Industries, a BK Birla Group company, is expected to witness an ownership change as storage and logistics solutions company Frontier Warehousing has proposed launching an open offer to acquire up to a 26 per cent stake in the century-old company.

The proposed open offer triggered as Kolkata-based Frontier Warehousing has entered into a share purchase agreement (SPA) with members of promoters/promoter group, including Aditya Birla Real Estate, Pilani Investment and Industries Corporation, Manav Investment and Trading Co, and Birla Group Holdings, to acquire around 13.29 crore equity shares of Kesoram Industries, representing 42.80 per cent of the voting share capital at a price of ₹4 per equity share.

Open offer

The storage and logistics solutions company proposed to launch the o