Updates on Open Offer

• Security Code: 523710
• Company: SAYAJIHOTL

Systematix Corporate Services Ltd ("Manager to the Open Offer") on behalf of Mr. Raoof Razak Dhanani ("Acquirer") and Mrs. Anisha Raoof Dhanani ("Person Acting in Concert" or "PAC") has informed this Detailed Public Statement ("DPS") to the Equity Shareholder of the Sayaji Hotels Ltd ("Target Company"), pursuant to and in compliance with Regulation 3(2) & 3(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended ("SEBI (SAST) Regulations, 2011" or "Regulations"), in compliance with Regulation 13 (4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto ("SEBI (SAST) Regulations, 2011" or "Regulations") pursuant to the Public Announcement ("PA") dated February 06, 2013 and subsequent filings with BSE, NSE, ASE, VSE, MPSE, Securities and Exchange Board of India ("SEBI") and the Target Company

The Offer:

The Acquirer and the PAC have jointly made the Offer in accordance with the Regulation 3(2) & 3(3) of the Regulations vide the PA dated February 6, 2013 to the shareholders of the Target Company for the acquisition of 45,54,680 (Forty-Five Lac Fifty-Four Thousand Six Hundred and Eighty) equity shares of the face value of Rs. 10/- each representing 26% of the paid-up equity share and voting capital of the Target Company ("Offer Size") at a price of Rs. 130/- (Rupees One Hundred and Thirty Only) per equity share ("Offer Price") payable in Cash and subject to the terms and conditions set out in this DPS and in the Letter of Offer ("LOF").

Tentative Schedule of Activity:

Identified Date - March 18, 2013

Date of Opening of the Tendering Period (TP) - April 03, 2013

Date of Closure of the Tendering Period (TP) - April 17, 2013