PUBLIC ANNOUNCEMENT TO THE SHAREHOLDERS OF SPENTEX INDUSTRIES LIMITED
CORRIGENDUM
THIS CORRIGENDUM HAS REFERENCE TO THE ORIGINAL PUBLIC ANNOUNCEMENT APPEARED IN THIS NEWSPAPER ON 7.01.2004
I. Please note the Revised Schedule of activities pertaining to the Offer as appeared under Para No. 14 under the heading “Other terms of the Offer” in the original advertisement is as under:
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Activity
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Original Day and Date Revised Day and Date
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Public Announcement (PA) Date
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Wednesday, the 7th January, 2004 Wednesday, the 7th January, 2004
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Specified Date
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Tuesday, the 27th January, 2004 Tuesday, the 27th January, 2004
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Last date for a competitive bid
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Tuesday, the 27th January, 2004 Tuesday, the 27th January, 2004
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Date by which Letter of Offer will be dispatched to the shareholders
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Monday, the 16th February, 2004 Tuesday, the 17th February, 2004
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Offer opening Date
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Monday, the 1st March, 2004 Thursday, the 4th March, 2004
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Last date for revising the offer price/number of shares
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Thursday, the 18th March, 2004 Monday, the 22nd March, 2004
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Last date for withdrawal by shareholders
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Wednesday, the 24th, March, 2004 Friday, the 26th, March, 2004
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Offer closing Date
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Tuesday, the 30th March, 2004 Friday, the 2nd April, 2004
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Date by which the acceptance/rejection would be intimated and the corresponding payment for the acquired shares and /or the share certificate for the rejected shares will be dispatched
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Tuesday, 27th April, 2004 Friday, 30th April, 2004
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Accordingly, the revised day and date as mentioned above would become applicable to the respective day and dates wherever appearing in the Original Public
Announcement.
II. Para No. 3 and 4 are inserted after Para No. 2 under the heading “The Offer” as under:
“3. The promoters of the company other than the sellers holding 7,95,509 equity shares comprising 3.59% of the total voting power are not party
to the SPA dated 02.01.2004 and they are eligible to participate in this offer made by the Acquirers.”
“4. CESCON Limited and KEC International Limited have assigned Mr. Mukund Choudhary, one of the Acquirers to deal with/to settle the dues of the
Banks and Financial Institutions. Accordingly, a deed of assignment has been signed with ICICI Bank Limited on 31st December, 2003 for
settling their dues at Rs.13,79,26,206/- which includes principal amount of Rs. 12,50,00,000/- and other charges of Rs. 1,29,26,206/- for making
the payment from 31.12.2003 to 30.09.2005, by CLC Global Limited, a group company of the Acquirers. In respect of the dues to Infrastructure
Leasing & Financial Services Limited, the Acquirers have also commenced negotiation with it for the settlement of dues at Rs.2,75,00,000/-. Further,
as per the SPA, the CESCON Limited and KEC International Limited shall apply for the approval from the Industrial Development Bank of India, as
required under the Subscription Agreement dated May 8, 2000, the consent of Baramati Bank as required in terms of the ‘Declaration as to the
Constitution of the Firm/Company’ dated April 24, 2003 of Cosmos Bank as required in terms of its sanction letter dated December 23, 1998 and of the
SBI Consortium (including the State Bank of India and Union Bank of India) and shall make its best efforts for obtaining the consent from the aforesaid
banks/financial institutions.”
III. The present Para No. 3, 4, 5, 6 and 7 under the heading “The Offer” be read as Para No. 5, 6, 7, 8 and 9 respectively on account of insertion of
Para No. 3 and 4 as stated above.
IV. The following is inserted as Para No. 6 and Para No. 7 after Para No. 5 under the heading “Statutory Approvals/Other approvals required under the
Offer”
“6. As per the SPA the obligation of the Acquirers to purchase the shares shall be conditional upon the satisfaction of the debt owed by “Spentex” to ICICI
Bank Limited or assignment of the said debts in favour of CLC Global Limited to be settled at an amount not exceeding Rs. 12,50,00,000/- within a
payment period between December 31, 2003 to September 30, 2005. It has been settled with the ICICI Bank that Rs.13,79,26,206/- would be paid
which includes principal amount of Rs. 12,50,00,000/- and other charges of Rs. 1,29,26,206/- for making the payment from 31.12.2003 to 30.09.2005.”
“7. The Acquirers have already taken steps towards settlement of dues of Banks and FIs. The settlements are being done/proposed to be done through signing
of contractually binding deeds of settlement and thereby the Acquirer automatically becomes liable for ensuring the same. The Acquirers have either obtained
the approval from FIs/Banks/BIFR, wherever required or are at an advanced stage of getting the same.”
V. The present Para No. 6 under the heading “Statutory Approvals/Other approvals required under the Offer” be read as Para No. 8 on account of insertion of
Para No. 6 and 7 as stated above.
VI. The following sentence is added to Para No. 13 under the heading “Other terms of the Offer” as the last sentence:
“The basis of acceptance would be decided in a fair and equitable manner and would not result in a non-marketable lot. The marketable lot for the shares of
“Spentex” is 1 (One) share.”
The Acquirers accept full responsibility for the information contained in this Public Announcement and also for the obligations of Acquirers laid down in the
Regulations and subsequent amendments thereof.
This Public Announcement will also be available on SEBI’s website at www.sebi.gov.in
Issued by Manager to the Offer:
Chartered Capital and Investment Limited
13, Community Centre,
East of Kailash,
New Delhi-110 065
Tel: (011) 26472557,26419079, 26218274
Fax: (011) 26219491
Email: ccapdelhi@indiatimes.com
Contact Person: Mr. M K Doogar
On behalf of the Acquirers
Date: 14.02.2004
Place: New Delhi