 Kolkata: After many failed attempts, Kolkata-based GP Goenka group on Tuesday concluded a deal with Jaypee Development Corp. Ltd, a privately held unit of the Jaypee Group, to sell a controlling stake in Andhra Cements Ltd.
The Jaypee Group may have to pay as much as Rs280 crore if all transactions envisaged in Tuesday's agreement eventually go through. If the mandatory open offer is fully subscribed, the Jaypee Group will get 80% of the firm's shares. The deal will leave the GP Goenka group with a 6% stake in the company, on which the Jaypee Group will have right of first refusal.
The deal was sewn up in "only eight days" of negotiations, according to G.P. Goenka, chairman of the eponymous group. "It was possible only because of the great degree of trust that (Jaypee Group chairman) Manoj (Gaur) and I have for each other."
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