An open offer was launched by Jaypee group firm -Jaypee Development Corp Ltd for acquisition of a 26 percent stake in cement maker Andhra Cements. A pact had been signed between Jaypee Development Corp and a clutch of Andhra Cement promoters/promoter group firms on November 15 for the purchase of 66.64 percent of the expanded paid up share capital. It had been stated earlier by Jaypee Development Corp that the proposed stake purchase was aimed towards acquiring management control, raise funds by investing capital for reviving, restructuring and meeting the operational requirements of Andhra Pradesh.