Mefcom Capital Markets Ltd ("Manager to the Offer") on behalf of HB Stockholdings Ltd ("Acquirer") along with Mr. H C Bhasin (PAC) has issued this corrigendum to Public Announcement, to the shareholders of DCM Shriram Industries Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Original Public Announcement (PA) Published on November 19, 2007 and Revised Public Announcement (RPA) Published on November 29, 2007.
Shareholders of the Target Company are requested to note the following amendments with respect to the PA & RPA.
1. Revised Schedule of Activities:
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Activity Original Schedule Revised Schedule
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Specified Date November 20, 2007 November 20, 2007
Date of Opening of the Offer January 03, 2008 May 23, 2008
Date of Closing of the Offer January 24, 2008 June 11, 2008
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2. Upward Revision of Offer Price:
As per the PA, the Offer Price was Rs 70/- (Rupees Seventy Only) per equity share which was further revised to Rs 120/- (Rupees One Hundred Twenty Only) per equity share vide RPA dated November 29, 2007. On and after the date of the PA, the Acquirer has purchased 1,880,160 equity shares of the Target Company from Open Market as per the details given below:
Date - November 19, 2007 to May 12, 2008
Mode of Acquisition - Market Purchase
Stock Exchange - The Stock Exchange, Mumbai
No. of Shares - 1,880,160
Highest Price (Rs.) - 127.50
Lowest Price (Rs.) - 69.00
Average Price (Rs.) - 116.84
The highest purchase price for the above purchase is Rs 127.50 per equity share.
However, the acquirer, in terms of Regulation 20(7) read with Regulation 26 of the SEBI(SAST) Regulations, has revised the Offer Price to Rs 130/- (Rupees One Hundred Thirty Only) per equity share which is the revised price by the Acquirer since the date of publication of PA from the earlier Offer Price of Rs 70/- (Rupees Seventy Only) per equity share vide PA dated November 19, 2007 which was further revised to Rs 120/- (Rupees One Hundred Twenty Only) per equity share vide RPA dated November 29, 2007.
The revised offer is for acquisition of 35,00,000 fully paid up equity shares of face value of Rs 10/- each representing 22.88% of the voting capital of Rs 15,29,84,370/- of the Target Company as on the date of PA which, as on the date of this Corrigendum, is 20.12% of the expanded voting capital after taking into consideration the allotment of 21,00,000 equity shares consequent to the conversion of 7,00,000 share warrants to the specified entities of the Promoters / Promoters Group /Persons Acting in Concert of the Target Company at a price of Rs 130/- (Rupees One Hundred Thirty Only) per fully paid equity share ("Revised Offer Price") payable in Cash. The allotment of equity shares & warrants is sub-judice.
Terms used but not defined in this Corrigendum to the Public Announcement shall have the same meaning assigned to them in the PA and RPA.
All other terms and conditions of the offer remain unchanged. |