Date:19/10/2005 URL: http://www.thehindubusinessline.com/2005/10/19/stories/2005101902731500.htm

Back Kotak Mahindra plans to acquire 20% in Everest; Enam cancels plans

Our Bureau

Chennai , Oct. 18

ENAM Financial Consultants Pvt. Ltd (manager to the offer) has informed the NSE that it has withdrawn the draft letter in respect of the open offer by Accurate Finstock Pvt Ltd (acquirer) and Adani Port Infrastructure Ltd (person acting in concert) to acquire 20 per cent of the outstanding voting equity share capital of Everest Industries. The offer was priced at Rs 147 a share.

In an earlier release on Monday, Kotak Mahindra Capital Company (manager to the offer) had made an open offer on behalf of Everest Finvest (India) Pvt Ltd to the shareholders of Everest Industries Ltd. The acquirer is making this offer to acquire 20 per cent of the outstanding voting equity share capital of the company at a price of Rs 184 per equity share, the release added. According to the offer document, the offer opens on December 7 and closes on December 26.