POST OFFER PUBLIC ANNOUNCEMENT
TO THE SHAREHOLDERS OF GUJARAT JHM HOTELS LTD.
The details subsequent to the completion of the Offer made vide Public Announcement dated 28/01/2003 in terms of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto by ‘JHM Hotels Inc.’ to acquire 21,90,999 equity shares representing 32.35% of total paid up capital of Gujarat JHM Hotels Ltd. at a price of Rs. 10/- per fully paid up equity shares payable in cash are as under:
1.
Name of the Target Company
:
Gujarat JHM Hotels Ltd.
2.
Name of Acquirer(s) including PACs
JHM Hotels Inc. (Acquirer)
Mr. Hasmukh P. Rama (PAC)
3.
Name of Manager to the offer
Fortune Financial Services (India) Limited.
4.
Name of the Registrar to the offer
N.A.
5.
Offer details
Date of opening of the offer
31/03/2003
Date of closure of the offer
29/04/2003
6.
Details of the acquisition
Sr. No.
Particulars
Proposed in the offer document
Actuals
1
Offer price
Rs. 10/-
2
Share holding of Acquirers including PAC's before MOU / P.A. (No. & %)
45,82,251 Shares
(67.65%)
3
Shares acquired by way of MOU or market purchases (No. & %)
Nil
4
Shares acquired in the open offer (No. & %)
21,90,999 Shares
(32.35%)
12,14,420 Shares
(17.93%)
5
Size of the open offer (No of shares multiplied by offer price per share)
Rs. 2,19,09,990/-
Rs. 1,21,44,200/-
6
Shares acquired after P.A. but before 7 working days prior to closure date, if any. (No. & %)
6.1 Price of the shares acquired
6.2 No. of shares acquired
6.3 % of shares acquired
7
Post offer share holding of acquirers (No. & %) (2+3+4+6)
67,73,250 Shares
(100.00%)
57,96,671 Shares
(85.58%)
8
Pre & Post offer share holding of public (No. & %)
Pre Offer
Post Offer
21,90,999
20.00%
Nil %
20.00 %
9,76,579
14.42%
7.
Status of the escrow account, whether released or not.
Out of the Total Escrow Deposit of Rs.54,77,500/-, Rs. 32,77,500/- has been transferred to Special A/C. No. 0672230000014 (opened with HDFC Bank, Surat) on May 20, 2003 for payment of consideration to the Shareholders.
Rs.22,00,000/-, being more than 10% of Total consideration, is retained in the Escrow Account.
8.
Payment of interest, if any, to shareholders alongwith the details thereof
Not Applicable
9.
Status of Investor Complaints received, if any
The Directors of the Acquirer and PAC accept full responsibility for the information contained in this Public Announcement and are jointly and severally responsible for the obligations of the Acquirer as laid down in the SEBI (SAST) Regulations.
The Directors of the Acquirer and PAC accept full responsibility for the information contained in this Public Announcement
and are jointly and severally responsible for the obligations of the Acquirer as laid down in the SEBI (SAST) Regulations.
This Public Announcement would also be available on the SEBI’s website
Issued by the MANAGER TO THE OFFER:
On behalf of the Acquirer:
FORTUNE FINANCIAL SERVICES (INDIA) LIMITED
JHM Hotels Inc.
2nd Floor, K. K. Chambers,
Riverside Office Park,
Sir Purushottamdas Thakurdas Marg,
880 South Pleasantburg,
Fort, Mumbai – 400 001.
Suite 3-G, Greenville,
Tel: (022) 2207 7931, Fax No. (022) 2207 2948,
SC - 29607, USA.
e-mail :
Contact Person: Mr. Jinesh N. Mehta
Place
Date : June 10, 2003