The acquirers -- Kailash Kumar Kanodia and Sujata Devi Kanodia -- have offered to pick up 15.2 lakh fully paid up equity shares (representing 38 per cent of the paid -p capital) at a price of Rs 2.5. The open offer follows a negotiated deal between the acquirers and Tanuj Holdings.

The latter has agreed to sell 10.01 lakh shares (25 per cent of the equity) at a price of Rs 2 to the acquirers. The acquirers already have 8.85 per cent stake in Neha Resources. Neha Resources Ltd is engaged in investment activities and providing short term loans and advances. The company has a paid up capital of Rs 4 crore. The acquirers propose to make a foray into other finance-related activities. Managed by Financial & Management Services, the offer opens on July 28, 1999.