Open Offer

• Security Code: 517380
• Company: IGARASHI

Religare Capital Markets Ltd ("Manager to the Open Offer") has informed BSE regarding Open Offer for acquisition up to 7,960,538 (Seven Million Nine Hundred and Sixty Thousand Five Hundred Thirty Eight only) fully paid-up equity shares of face value of Rs. 10 (Rupees Ten) each (“Equity Shares”), representing 26.00% (Twenty Six per cent) of the fully diluted voting share capital (“Shares”) of Igarashi Motors India Ltd ("Target Company") from the shareholders of the Target Company by Igarashi Electric Works Ltd, a company incorporated in Japan ("IEWL"/ "Acquirer"), together with MAPE Advisory Group Pvt Ltd ("PAC") in its capacity as a person acting in concert with the Acquirer ("Offer"/ "Open Offer").

Offer Details:

a.Size: Up to 7,960,538 (Seven Million Nine Hundred and Sixty Thousand Five Hundred Thirty Eight only) Equity Shares of the Target Company (each an "Offer Share"), constituting 26.00% (twenty six per cent) of the total Shares of the Target Company, at a price of Rs. 307.92 per Offer Share aggregating to Rs. 2,451.21 million ("Offer Size"), subject to the terms and conditions mentioned in this Public Announcement, the detailed public statement ("Detailed Public Statement") and the letter of offer that is proposed to be issued in accordance with the SEBI SAST Regulations.

b. Price/consideration: The Equity Shares are frequently traded as per Regulation 2(1)(j). The Offer Price (as defined below) of Rs. 307.92 per Offer Share has been determined in accordance with the provisions of Regulation 8(3) and 8(5) and will be enhanced in accordance with Regulation 8(12) by an amount equal to a sum determined at the rate of 10% per annum on Rs. 307.92 for the period between the date on which the Underlying Transaction (as defined below) was contracted and announced in the public domain i.e., January 22, 2015, and the date of the Detailed Public Statement (such combined price, the "Offer Price").