Everest Ind announces open offer

Everest Finvest India today announced a 20 per cent open offer for the shareholders of Everest Industries, the building and construction subsidiary of the ACC, for Rs 184 apiece.

The offer follows Everest Finvest's singing up an agreement with ACC on Friday to buy out its 50 per cent stake in Everest Industries.

The offer price is nearly Rs 50 higher than the rate at which Everest Finvest had agreed to pay ACC for acquiring 50 per cent stake in Everest Industries.

The offer pulled down the Everest Industries stock price today, as it opened at Rs 183.95 on the BSE and touched an intra-day low of Rs 176.05.