Public Announcement
for the attention of
THE EQUITY SHAREHOLDERS OF PRABHAT (INDIA) LIMITED
Regd. Office: 77/79, Netaji Subhash Road, 5th Floor, Calcutta – 700001
This Public Announcement is in continuation to the original public announcement issued on 30/05/2003 in terms of the Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto (“the Regulations”) on behalf of Shri. Suraj Prakash Bhagat and Smt. Laj Bhagat (“the Acquirers’’). This Public Announcement is issued pursuant to changes/amendments as advised by SEBI vide their letter no. TO/AS/12296 dated 25/06/2003 and should be read in conjunction with the original Public Announcement and the Letter of Offer sent to the equity shareholders of Prabhat (India) Limited. (PIL)
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Equity Shareholders are requested to note following changes in the original Public Announcement of offer made on 30/05/2003.
1. The last date of revising the offer price in terms of Regulation 26 is Tuesday, 12/08/2003 and not Wednesday, 13/08/2003.
2. Background of the Offer: It has been observed that Shri Pradeep Agarwal and others (few of the sellers) have acquired 4,45,020 equity shares being 36.95% of paid up capital of PIL from Beltas Merchants Pvt. Ltd. and others on 20/05/2003 and have submitted a report to SEBI under regulation 3(4) of the Regulations. The said report is being examined by SEBI. In view of the aforesaid, till the extent of compliance with the Regulations is established, the Acquirers cannot act upon the agreement dated 29/05/2003. The Acquirers have undertaken not to act upon the agreement dated 29/05/2003 till the report filed by Shri Pradeep Agarwal and others is examined by SEBI and compliance with Regulations is established.
Shareholders are requested to note the above changes. The offer opens on Friday, 25/07/2003.
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Issued by
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:
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MANAGER TO THE OFFER
K E Y N O T E
CORPORATE SERVICES LIMITED
307, Regent Chambers, Nariman Point,
Mumbai - 400 021.
Tel.: (022) 2202 5230 Fax : (022) 2283 5467
E- mail : keynote@hathway.com
SEBI Regn.: INM000003606
AMBI Regn. No. AMBI/040
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Contact Person
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Mr. Uday S. Patil
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On behalf of
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:
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Shri Suraj Prakash Bhagat & Smt. Laj Bhagat
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Place: Mumbai
Date: 17/07/2003