The Essar Group said on Tuesday it will launch the open offer,which was initially scheduled to open on July 16,to acquire an additional 20 per cent stake in communication solutions provider AGC Networks,on Wednesday. Two group firms - Essar Capital Finance and Essar Services Holdings - were to start the open offer on July 16 for acquiring another 20 per cent in AGC Networks for more than Rs 77.99 crore. AGC Networks,in a filing to the Bombay Stock Exchange today,said the open offer from the Essar Group companies would start tomorrow and end on August 9,against the earlier schedule of July 16 and August 4,respectively. Through the open offer,the two companies would acquire 28.46 lakh shares,amounting to 20 per cent stake,at a price of Rs 274 apiece. In May,Essar Group had bought majority stake in AGC Networks from the US-based Avaya for about Rs 206 crore. Shares of the company closed at Rs 265,marginally up from the previous close on the BSE.
