AGC Networks slips after Avaya's exit

BSE 23 May 12 | 12:00 AM

221.00		0.95 (0.43%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: 500463

Face Value: N.A.

NSE 23 May 12 | 12:00 AM

221.05		0.85 (0.39%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: AGCNET

Performance
1 Week	:	Rs	215.55	(2.53%)
1 Month	:	Rs	185.10	(19.39%)
1 Year	:	Rs	164.40	(34.43%)

AGC Networks slips after Avaya's exit

SI Reporter / Mumbai 31 May 10 | 10:49 AM

Be the first to comment

AGC Networks (formerly Avaya GlobalConnect) is trading 6% lower at Rs 262, after Essar Group decided to acquire 59.13% stake (8.42 million shares) held by the Avaya, for Rs 245 a share.

The acquisition would be done through Essar Services Holdings Limited (ESHL) and Essar Capital Finance Private Limited (ECF). Essar will then come out with the mandatory open offer for an additional 20% stake in AGC Networks at a price determined as per the formula specified in the Securities and Exchange Board of India (SEBI) Takeover Regulations.

The stock is almost 8% down from its intra-day high of Rs 285 on the BSE. Around 151,000 shares have changed hands on the counter so far.