Open offer for Everest

Open offer for Everest
Published: 16 February 2005

The open offer for Everest Industries Ltd by Accurate Finstock Pvt Ltd and Adani Port Infrastructure Ltd for 20 per cent of its voting equity share capital will be at Rs 147 a share of face value Rs 10.  The open offer will commence on March 18 and close on April 6, said a notice from Everest to the National Stock Exchange.  The open offer is to shareholders other than the Accurate Finstock (acquirer), Adani Port Infrastructure and Holdcem Cements Pvt Ltd, said the notice.  The shares tendered in the open offer shall be acquired by the acquirer only, and the offer is not conditional on any minimum level of acceptance. 

This open offer follows Swiss company Holcim’s agreement with Gujarat Ambuja Cements Ltd to acquire an eventual 67 per cent stake in holding company Ambuja Cements India Ltd and through that gain majority stake in Associated Cement Companies.  Holcim entered into an agreement with Adani Ports to sell ACC’s stake in Everest, currently at 76 per cent.