Jaypee to Launch Andhra Cements Shares Offer on Jan. 25

Jaypee Development Corporation will launch an open offer for acquisition of 7.63 crore shares of Andhra Cements at Rs 12 apiece on January 25, 2012.

Existing shareholders of the cement-maker would be able to tender their shares by February 8, Andhra Cements said in a communique to the shareholders.

Jaypee Development Corporation had inked an agreement with a clutch of Andhra Cement promoters/promoter group firms on November 15 to acquire 19.65 crore equity shares, or 66.64 per cent of the expanded paid-up share capital of the company. This includes 4.81 crore shares from the promoter/promoter group firms.