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ADCC Infocad open offer begins
The open offer to the shareholders of ADCC Infocad from its promoters opens on Tuesday. The offer is made to consolidate promoters’ holding in the company for effective management control. The promoter group, which currently owns 44.71 lakh shares (or 49.14 per cent) of the total paid-up equity share capital, plans to acquire 23.658 lakh shares (or 26 per cent) at ₹55 a share. The open offer ends on September 9. As the current price is ₹67.5, it would be interesting to see the public response to the offer.
MEP Infrastructure: to roll on new orders
MEP Infrastructure Developers, in a post-market-hours disclosure to the exchanges on Monday, said that it has received a letter of acceptance for ₹79.20 crore from National Highways Authority of India for the Jharkhand project. Accordingly, it holds the rights to collect user fee at Ghangari (Gorhar to Barwa Adda) in Jharkhand. The contract period is for one year, and the operations will start in two days. Shares may react positively, and analysts will closely monitor the development.
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