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| Exchange Disseminated Time | JM Financial Consultants Pvt Ltd ("Manager to the Offer"), on behalf of BASF SE ("Acquirer"), has issued this Corrigendum to the Public Announcement to the Shareholders of BASF India Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated May 15, 2008, pursuant to and in compliance with Regulation 11 (1) & other applicable provisions of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto (the "SEBI (SAST) Regulations"/ "Regulations" ). The shareholders of the Target Company are requested to note the following developments / amendments with respect to the PA:
1. Background to the Offer:
The following information should be read in addition to the information provided in the PA:-
"As mentioned in the Letter of Offer, the Offer will close on July 28, 2008. The record date for determining the Shareholders entitled for payment of dividend for the financial year ended March 31, 2008 in respect of Equity Shares held on electronic form is as on the closure of business hours on August 01, 2008 & in respect of Equity Shares held in physical form as on August 12, 2008. The Shareholders who tender their Equity Shares in the Open Offer on or before July 28, 2008 would also be eligible for receipt of dividend declared for the financial year ended March 31, 2008 subject to other applicable conditions for the same."
2. Statutory Approvals for the Offer:
Clause 7.1 of the PA should be read as below:-
"The Offer is subject to the receipt of approval from the Reserve Bank of India ("RBI") for acquiring Equity Shares from non-resident Indians ("NRIs") & overseas corporate bodies ("OCBs") who validly tender their Equity Shares under this Offer ("RBI Approval"). Such approval will not be required for Foreign Institutional Investors ("FIIs") registered with SEBI, who validly tender their Equity Shares under this Offer. The Acquirer will make the necessary applications to filings with the various authorities to obtain the statutory approval described above."
Clause 7.2 of the PA should read as below:-
"As of the date of the Public Announcement , there are no other statutory approvals required to implement the Offer other than that specified above. If any other statutory approvals become applicable prior to the completion of the Offer, the Offer would also be subject to such other statutory approvals. In the event any of the statutory approvals that are required are refused, the relevant provisions of Regulations 27 of the SEBI (SAST) Regulations would be applicable. However, Regulation 27 of the SEBI (SAST) Regulations will not apply to the aforesaid RBI Approval."
Terms not defined herein will have same meanings as defined in the PA. All other terms and conditions of the Open Offer remain unchanged. |
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